If price breaks out of the range it appears to be 'stuck' in and comfortably reaches the highlighted area,
then I would expect it to form a truncated fifth wave.
The truncated fifth would also reach the monthly/weekly trendline and begin a sharp ABC downwards ending around 1.3-1.2.
I would wait for a sell set up from the trend line.
The only alternative to this I can see would be where the 3rd wave finishes, there is already a truncated fifth formed, with the fifth wave
finishing at the peak just to the right and corrective cycle wave A has completed,
B will finish in the grey box and C will commence. I think this is less likely though.
Any advice or ideas would be appreciated.
Thanks.
then I would expect it to form a truncated fifth wave.
The truncated fifth would also reach the monthly/weekly trendline and begin a sharp ABC downwards ending around 1.3-1.2.
I would wait for a sell set up from the trend line.
The only alternative to this I can see would be where the 3rd wave finishes, there is already a truncated fifth formed, with the fifth wave
finishing at the peak just to the right and corrective cycle wave A has completed,
B will finish in the grey box and C will commence. I think this is less likely though.
Any advice or ideas would be appreciated.
Thanks.
Comment:
Not 1.3-1.2, I meant 1.2-1.21.
Comment:
I expect one final short push up, but most likely not to where I expected it to end. Sub wave 3 was shorter than expected and the fifth sub wave may terminate at the same level as wave 3.