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Contractingflat

EUR/JPY 1HR SHORT We have a corrective pattern forming this looks to be a contracting flat however cannot confirm this as of yet so will watch closely for confirmation, with this is mind will be looking for the third wave down to complete a 3 wave pattern using the 1hr 270 fib as a target profit at a price of 126.819..
Short
by essextrader
A Contracting Flat, How About That?Taking a sell position in anticipation of a Contracting Flat could be very rewarding taking into account the risk : reward. Predicting a Contracting Flat is an uncommon idea since it's not part of the classical pattern discovered by Elliot. But, this pattern occurs often so taking this trade is a good idea but risky. Trade with care. Use a strategy you have tested and verified. 6.1.8. Family. More Than Just Trading.
Short
by 6.1.8.Family
Updated

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