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On the chart we can see that the price is forming Gartley pattern formation. If the price break to the down side it will be good opportunity to go short with R/R ratio 1:2 If price breaks to the up side Gartley pattern will not be valuable and price will change formation.
On the chart we can see that price is forming Rising wedge pattern which indicates that price should reverse to the down side. Also BC leg of Harmonic Bat pattern is completed which is another indication that it is possible that price will continue to the down side and complete CD leg and complete Bat pattern. If price breaks to the upside it will retest Daily trend line.
Good short opportunity if price breaks flag to the down side.
As we can see on lower timeframe price has finished wave 4 at 50% retracement of wave 3 and now is in 5th wave. According to wave count price should go to at least where wave 3 is finished or even to 50% retracement of daily chart. Good entry would be to wait for price to make a pull back and enter after break out to the down side.
Price made one more down move to the down side and is now testing 38.2% fibonacci retracement. It is very possible that price will start impulse wave to the up side or make more down move to 50.0% or 61.8% retracement. Good time to go to lower time frame and track price action.
Price should break to the upside and complete Gartley and Cypher pattern. Also it is possible that price will break trend line to the upside.
Subwave 4 of larger 3rd wave is completed in 3 move correction pattern a-b-c and we should see down move and completeion of subwave 5 and completion of 3rd wave.
If price breaks to the down side it will be good oportunity to short with R/R ratio 1:2.13
On the chart we can see that price is in correction structure after strong impulse to the down side. Also we can see two HArmonic patterns formation Cypher and Gartley. According to my analysis price should most likely retest trend line and make down move or even repeat previous impulse to the down side. Also it is possible break out to the upside.. If=then...
On daily chart we can see that the price is in big flag formation. It is possible that the price will retest 38.2% and make impulse move to the upside or it will break the flage and push more to the down side to 50% retracement or even 61.8%
Two possible directions. Price will break correction and make more down move or continue to the up side in inimpulse wave.
According to text books this is how price should move.
Price is making subvawes with corrections of larger third wave and we should see more up move.
Price is making correction and the question is which correction will it be before impulse.
" Considering that usually extended waves are explosive move, and this comes to explain why traders are keen to position themselves ahead of such a move. The 161.8% extension level is actually one the minimum level to be reached, but often extensions go all the way to 261.8%, and even 461.8% or more. This is how important is to ride the right wave! "
As we can see on chart price is still in correction mode and impulse leg is right around the corner its just a matter of time. Based on my wave count we should see more down move before impulse. Also its very likely possible that impulse will accure after completion of wave 3. This is just my idea.
Short oportunity at 78.6% fibonacci retracement and 5th wave completeion.
After strong impulse price can continue to the north and break trend line which will give us trend continuation or start correction and retest 61.8% fibonacci retracement.