I am expecting a retest of the lower line of the corrective wave pattern after breakout, and then a continuation of the bearish trend after the retest. Place sell after confirmation of retest is completed. Use your own proven strategies and place stops above corrective wave pattern. Trade carefully.
Note
I think the corrective wave pattern has extended itself into a expanding triangle. So short sell setup is still legitimate if the pattern is completed, as this is a trend contination pattern. But, if I get a break and close above the upper trend line of pattern, my idea is invalidated.Note
The corrective wave pattern has not broken yet, so wait until pair reaches upper trendline of the previous correction and then sell. As always trade carefully.Note
Trade is playing out nicely here. You may wish to take advantage of sell opportunity presented here. Trade safely.Note
Trade still playing out the short. Here is an updated drawing of the pair. Enjoy. Trade carefully.
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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.