So we have an ABC Corrective Wave from peak of 20th Feb. Right now Wave C is underway after Wave B completed at peak $1324.
Wave 1 of C completed at $1285 and we have a small Flat Corrective Wave ABC towards $1310 which labeled as Wave 2. Currently we are going for Wave 3 of C. I see another pullback from $1284 towards $1299 for subwave (2) of 3. Final target...
Price made 5 waves move from peak of 25th March and now pulling back in ABC Corrective structure. Also visible here is a Bearish Bat harmonic pattern which also coincides with 161.8% fib extension of AB. Place Short entry in the blue box targeting $1259 which is 100% fib extension from peak of 20th February.
Writing here as an educational post showing that we have few technical patterns.
Firstly we have the classical chart pattern Head & Shoulder where chart pattern trader will only take a Long trade when it breaks and closes above neckline.
Then next we have a Falling Wedge which given a typical chart pattern trader, they will wait for a breakout to the upside...
Pair is still in WXY correction mode. Having made X (red) on last Friday to complete 6th swing, now we can see the final 7th swing to the upside between 1.33441 - 1.34170 to find sellers and make new lower low than 1.3180 OR 3 waves pullback and then to make 11th swing to the upside to make WXYZ structure.
After price made 5 waves towards 113.70, it actually completed the C of an Expanded corrective wave. Now, price did 5 waves down side and should be ending by now and expecting pullback either in form of ABC zig-zag or WXY 3-7-11 swings and looking for more downside after pullback ends.
After price broke out from the Symmetrical Triangle, expect price to retest back the broken trendline/apex somewhere 1.1325/35 before continuing down south towards the target of the Bullish Butterfly mentioned in the chart.