my Idea is that we still in the wave 4 from the down side (orange label).
Why :because if we take the time factor. we can see that wave 3 took 125 days to be completed so the correction may take more then 125 days.
correction pattern : running flat.
in this pattern wave B extend more then the beginning of wave A often 1.38% and we are exactly in that level now so we should have some sideways PA before and then the PA will start to go UP
How i will trade it
i will play it safe i will wait until wave 1 and 2 (up) from the C are completed and go long once the high if the wave 1 is taken with SL 50 pips under this level my TP 1 will be the 1.61 of wave 1 and tp2 the 2.61 of wave 1.
my idea will be invalid if the price continue to go down.
Why :because if we take the time factor. we can see that wave 3 took 125 days to be completed so the correction may take more then 125 days.
correction pattern : running flat.
in this pattern wave B extend more then the beginning of wave A often 1.38% and we are exactly in that level now so we should have some sideways PA before and then the PA will start to go UP
How i will trade it
i will play it safe i will wait until wave 1 and 2 (up) from the C are completed and go long once the high if the wave 1 is taken with SL 50 pips under this level my TP 1 will be the 1.61 of wave 1 and tp2 the 2.61 of wave 1.
my idea will be invalid if the price continue to go down.