1. (blue) We are in wave i within wave 3 and should see a pullback that should end above 1.65478, from where the market should see more upside.
2. (brown) We are in a flat that should result in a five wave decline that should retest the area near wave c low (1.6450) and complete wave xx or wave ii within wave 5 and the rally higher.
3. (green) We are in a complex correction that should give us at least three more waves to the downside and could extend below the 1.6258 low before heading higher.
4. (black) We are in wave (c) in a triangle wave xx.
TRADING STRATEGY
Only a break above 1.682 signals that the correction is over. Keep a close eye on the structure of the next move to decide which scenario is coming in to play.
I will make an update as soon as the market has invalided some of those possibilities. In the meantime, you can follow all my demo trades at myfxbook.com/members/tlkemmy/demo/854232
so it seems as if you think in all possible scenarios that blue line of resistance @1.68200
will be broken with higher highs?
traderWgun
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exactly, the movment looks corrective, the ? is if the corrective movement was over at 1.645 and we have began an impuls or if this all interconnected. Only time will tell :)
will be broken with higher highs?