RIsky trade but considering that there's an established trendline.. we would clearly see a breakout.
We're possibly right at the end of corrective wave 4 so trade with caution.
Wave B's completion
She looks like a plain Jane to me. If it breaks out, we have a short term 120 to 140 pip target.
Looks like a reverse HnS. I'm trying to catch a C wave.
I don't expect it to go way down because of the bullish impulse.
Long till resistance as we could be playing with a B wave here. Price has just bounced 3x on a long term support line but I don't believe it will shoot to the moon. I don't really trade patterns and I only do Elliott waves. I just like saying 'reverse crown' instead of naming waves for a change. @_@ Whatever you do, SL must be below 1.473 as CAD really is an...
Running/broken flat / 5-0 pattern complete Decided not to short this pair. The red line illustrates a very strong resistance and a proper C wave has formed in lower TF. My target 2 is a clone of wave 1.
Conditions apply and read the fine print.
I'm trading wave B because of the principle of alternation within corrections. That's right, it happens there not only in wave 2 and wave 4. So if A is the black sheep of the ABC siblings, B is gonna be the model student of the family. ETA: Tues or Wed -----> Don't trade Monday <-------- Another Elliott wave trader's (Albertos') Idea: If you read this...
We are now at the throat of an impulse because wave 2 has just ended with a running/broken flat. I'll be there when price gets swallowed fully by bears. Waiting for buyers to abandon positions....
It will be finished when the channel has been broken to the downside for a C wave.