I'm witnessing a perfect, textbook Wolfe Wave setup in our greatest pattern forming pair, EURUSD.
It's basically a Leading Diagonal, which means it's a First Wave of a new Five Wave down move. But as Elliott suggests, there would be a sharp and fast correction after this 1st wave completes.
I've counted the internal waves and as the 3rd wave iii cannot be shorter than the 5th wave in a Leading Diagonal, I'll be putting my Buy Limit Orders in the rectangular area.
My stop would be at 1.2246 where Wave v gets bigger than Wave iii.
My target is what Wolfe Wave Principle Suggests: at the conjunction of the vertical line from the triangle apex and the line connecting the end of wave i and wave iv.
There's a nice Risk/Reward on this trade and the stop is tight and clear. So have fun trading EURUSD today. Until next time, take care.