I am expecting a retest of the lower line of the corrective wave pattern after breakout, and then a continuation of the bearish trend after the retest. Place sell after confirmation of retest is completed. Use your own proven strategies and place stops above corrective wave pattern. Trade carefully.
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I think the corrective wave pattern has extended itself into a expanding triangle. So short sell setup is still legitimate if the pattern is completed, as this is a trend contination pattern. But, if I get a break and close above the upper trend line of pattern, my idea is invalidated.
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The corrective wave pattern has not broken yet, so wait until pair reaches upper trendline of the previous correction and then sell. As always trade carefully.
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Trade is playing out nicely here. You may wish to take advantage of sell opportunity presented here. Trade safely.
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Trade still playing out the short. Here is an updated drawing of the pair. Enjoy. Trade carefully.
