Taking long for the fifth wave and the will wait patiently for the correction, depending on how wave 5 ends we will trade or not trade the correction. Not definite yet if it will break the major down trend in the white dotted channel.
the previous projection is attached as link...
Will wave Z get to that far? If so i would look out for five wave structure, if a five wave structure is confirmed by termination of wave 1 & 2 then i will go long with wave 3. As long as the price stays within the channel boundaries.
Stop loss moved to 0.618 fib level. Profit locked.
Still in the middle of wave E of the higher degree wave Z of the complex correction. We can confidently put a buy limit at the termination of wave Z, and stop loss at 1.618 fib level.
Stop loss moved to 0.618 fib level. Profit protected.
Still in the middle of wave 3 of a larger degree wave 5. Wave 3 is never the shortest wave, based on the projected termination of wave 3 and the momentum noticed it's more likely to hit targets and reach the projected termination level of the higher degree wave 5.
Stop loss moved to 38% fib level, profit secured :)
Still in the middle of a wave 3 correction, a wave 4 that seem to be playing out as a clean zig zag. 1,2,3,4,5 | a,b,c | 1,2,3,4,5 in the red channel.
Invalidated my analysis, back to drawing board, hence no trade without solid evidence or confirmations. I will re-work and wait for it to come to me, i cannot chase it, i will remain neutral for the moment.
This to me it looks like a variation of a zig zag, comprised of irregular flat, a flat and diagonal.
Why do i have wave B of the 4th wave as it is, this is because of the guideline that wave c will come in 5 waves most of the time, in this case resulting with a diagonal.
Wave 5 should will mostly travel the same length as wave 1, hence the projected termination...