short to 0.80 then long again
wave II retraced 0.618 of wave 1 --> reciprocal of 0.618 is 1.618 (around which we saw the completion of wave III)
wave IV retraced 0.382 of wave 3 --> reciprocal of 0.382 is 2.618 (around which we saw the completion of wave V)
wave V has an obvious 5-wave sequence which comply with Elliot wave rules - the wave 2 of wave 5 is a...
-looking for a long-term bearish trend resumption
-look for trend reversal on lower time frame once pattern is complete for entry (around 0.974)
stops above 0.98
1st target 0.962 (or 0.966 if you weak.)
>Wave 3 met resistance at 1.618 the length of wave 1, so i'm expecting a pullback
>Daily overbought on RSI
>There is a significant amount of open book orders just above 0.76 so that shall be my first target.
>Around 0.756 is my second target given it being a 0.618 retracement off the 3rd wave and being above the supportive trend line.
>Stops will be placed...
-elliot wave theory (corrective abc move after 5-wave impulse usually has support around the start of wave 4)
-stop loss fib confluence --> 0.382 of trading range and 0.13 extension off wave 4 to 5
-fib confluence above target 1 --> t1
If the pattern is completed i will;
-look for entry at 6.36 given confirmation
-set stops below...