Possible SHORT on breakout of structure + FLAG pattern

27 thg 2, 2017

It seems we have a very high probability of a SHORT on the breakout of structure which has formed a FLAT pattern. MACD shows probable move downwards with RSI and Stochastic showing probable pending move downwards. Elliott wave count seems to suggest this is the last leg of an ABCDE triangle, where we are currently midway through wave E (Bearish). I'm of the opinion that the first target will arrive at the 1st box, however it is either probable that wave E will fail to then strongly reverse trent to complete a wave 5 on the minor period upwards. However if it doesn't, the wave E should run all the way to the bottom of the triangle trendline for preparation on a LONG for wave 5.

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