As a follow-up to my previous post(s) on this pair, I want to present an alternative scenario on the wave (4) that this pair is currently in according to my overall wave counts. IN a previous post, I mentioned that I thought this pair was in a wave (iii) of wave (5) down. While that is STILL a good possibility, we must ALWAYS be on the lookout for alternative scenarios BEFORE we get caught with our pants down.
So here, I am showing the wave count IF prices do not decline from the B point line and exceed it and keep going up. If that happens, then likely, wave (4) is NOT finished and we would be looking at a wave (c) of that wave (4). Which should head up in to the next MAJOR SR Structure as shown before possibly reversing back down.
In this scenario, the POTENTIAL bullish crab (green) would also be invalidated. But overall, I remain VERY BEARISH on this pair. Just gotta keep watching that price action to see what's what!
Your alternative scenario looks like a possible bearish shark
EverythingForex
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Much too early to tell. Will wait till see what happens after prices hit that B point line. No use speculating until then. But thanks for the thought!
JeanLouisHardy
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the red c is what you are predicting ? or to continue in the old line?
EverythingForex
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Not a prediction. It is an alternate point that prices may get to IF prices continue past the B point line. If that happens, then this alternate wave count apples. It is just something to be aware of for now. This scenario may never unfold if prices reverse from that B point line as per my earlier post.