I believe we will be expecting a new wave count that will drive us towards the next support level.
I will be planning to execute this trade as soon as it breaks and closes the descending triangle at least on a H4 Candlestick.
Over the weekend, there will be a gap to the upside so there is still a good chance to get in this trade as it has broken the neckline.
This is also B wave within the corrective phase of Elliott Wave Theory.
I don't usually trade B waves but with the confluence of the H&S it looks pretty promising.
IN TERMS OF TECHNICALS NOW THAT ABC PATTERN IS COMPLETED, IT HAS CREATED A WEDGE PATTERN WHICH IS ABOUT TO BREAK. I BELIEVE THIS WILL CREATE ANOTHER IMPULSIVE WAVE AND THE TARGET IS A COMBINATION OF FIBONACCI CLUSTER + MONTHLY SUPPORT ZONE.
WE SHOULD BE EXPECTING AT LEAST BETWEEN 300-400 PIPS ON THIS TRADE AND CAN EXPECT TO RIDE IT TO THE...
1, Wedge Pattern
2, Currently its on the 4th wave of this impulsive wave and we are looking to catch the 5th and last impulsive
I would ideally get into this trade after it breaks and closes below the pattern, ideally I would want to see a daily closure.
Targets are based on Fibonacci Cluster
Wow, this is a very slow pair, I used to underestimate those rumours.
After that huge bullish run, I have been watching this ascending channel form for quite some time, which indicates to me we are either expecting a reversal (doubt it), or a nice retracement - it has broken it but waiting for a daily closure in order to trade it.
Looking at this short based on the the Elliott Wave Theory. Now the previous impulse and correction in my opinion has been completed and this pair is ready to start a new impulse wave and this is determined by the flag pattern the correction wave has created.
Targets are based on Fibonacci clusters and daily support level.