This is looking like a good move. I would recommend waiting till the market triggers the "ENTRY LEVEL" before getting in on this trade, but for the riskier traders, a buy now would be a good idea. The market has just completed various corrective and sub-impulsive waves. It has also completed a triangle wave. With this much confluence, buying EU now would be idle.
Comment:
Sharp movement as expected in EU. "ENTRY LEVEL" has been triggered. For more conservative traders it's time to set limits at the "ENTRY LEVEL". Stops should be placed at the new LL.
Comment:
Stops can comfortable be moved to "BREAK EVEN". This has become a risk free trade as we wait patiently for the formation of a new Wave 1. We would taken positions for the beginning of Wave 2.
Comment:
In anticipation for the beginning of the new Wave 1. I have taken a risk free trade at the 61.8% retracement of the potential Wave 1.
Trade closed: stop reached