On the higher time scale I'm expecting an end to this corrective wave so I've been keeping an eye on it looking for a short trade set up. Any short trade from here could possibly be traded to end of wave 5. A break of the current correction on the 1H timescale could be a good entry point. Having said that price could also continue to correct (drawing) before breaking down. As always we only enter trades which meet our expectations and give us a good set up so far as risk to reward are concerned and have the right structure at the right position.
I'll update my ideas as they develop
First rule of trading - Protect you capital
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Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome
Good luck Steve Nixon