Textbook. 1-5 waves with 3rd wave Xtension within TL. Therefore this 5th wave cannot extend. 1HR/4HR RSI overbought and high, ticking our 2nd entry criteria. Finally, look for the 4hr high test bar (ideally) or bearish engulfing and enter ONLY once formed, keeping a close eye to the candle pattern. Trade down the zig-zag to wave 4. Conservative setting will see profits taken at the 106.20 while aggressive traders can trade to the 104.825 to find strong support.
Note
A leg now complete. B wave should now be in play.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.