We are in a wave E of a larger Triangle formation (look at my previos posts for overall view)
Wave E should move in a 3 waves move( ABC).
We got our wave ((a)) at 111.64 and wave ((b)) at 114.20.
So, now we are in wave ((c)) lower.
This wave C should be a 5 wave move to the downside and we can alread identily wave 1 and now we should be in the end of wave 2.
Meaning, a reversal should come and it can be a quite long move down, targeting 110.53.
Trade Setup :
* Entry : Now or on channel break
* Stop : 114.21
or 114.56 for a more conservative one
* Target 1: 110.53
** Target 2 : 109.37
*** Target 3 : 108.63
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Wave E should move in a 3 waves move( ABC).
We got our wave ((a)) at 111.64 and wave ((b)) at 114.20.
So, now we are in wave ((c)) lower.
This wave C should be a 5 wave move to the downside and we can alread identily wave 1 and now we should be in the end of wave 2.
Meaning, a reversal should come and it can be a quite long move down, targeting 110.53.
Trade Setup :
* Entry : Now or on channel break
* Stop : 114.21
or 114.56 for a more conservative one
* Target 1: 110.53
** Target 2 : 109.37
*** Target 3 : 108.63
Don't hesitate to like, share and comment
Follow so you don't miss my futur posts
Trade active
Entry 1 @ 113.72Stop moved to 114.04
Price went a bit higher, even outside the channel but turned down hard after testing 1.1400 in a 5 wave move wich might be a higher degree wave 1 or A.
Followed by a correction higher as a WXY move for wave 2orB.
In any case, if price does not go above 114.03 we expect price to go lower.
I expect price to go down in an impulsive manner.
Wave ((1)) is in place and wave ((2)) is at the ideal reversal zone of 0.618-0.786Retracement.
Therefore expect price to fall fast very soon.
Trade closed: target reached
****Correction : Entry 1 was filled at 113.64 !Entry 2 : 113.58
Trailing stop reached for both @ 112.55
E1 : +109pips
E2: +103pips
------------------------
Total : +212pips
Note
I will post my ideas here for easier access t.me/em16public
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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.