The trade is as follows:
What are we working in?
Currently, we are near the end of wave 4, of a primary move.
My reasoning for this is that we have a clear, extended 3rd wave, with all subdivisions correctly labeled.
This is confirmed by alternation in wave 2 and 4 of the 3rd wave.
We also see that the third wave hit the 2.618 of the wave1-2 extension and the wave 5 of the 3rd wave is 3.618 extension of the waves 1-2.
I believe that the end of wave 4 is near since we are within the lower boundary support for wave 1. A break out of this channel, would pull me out of my trade, although until we go into wave 1 territory, this count is still valid.
I anticipate the price moving towards the 112.8 range and will ladder into my position as I am proven correct.
All of the different rays represent my entries for this trade.
What are we working in?
Currently, we are near the end of wave 4, of a primary move.
My reasoning for this is that we have a clear, extended 3rd wave, with all subdivisions correctly labeled.
This is confirmed by alternation in wave 2 and 4 of the 3rd wave.
We also see that the third wave hit the 2.618 of the wave1-2 extension and the wave 5 of the 3rd wave is 3.618 extension of the waves 1-2.
I believe that the end of wave 4 is near since we are within the lower boundary support for wave 1. A break out of this channel, would pull me out of my trade, although until we go into wave 1 territory, this count is still valid.
I anticipate the price moving towards the 112.8 range and will ladder into my position as I am proven correct.
All of the different rays represent my entries for this trade.
Comment:
We appear to be making a ending wave Z move which means wave 5 is almost in progress. I assume that it will start monday.