A note on an ongoing trade Going to exit part of the trade which entered at the shown arrow, by completion of the Cypher pattern. Will enter long again after a 0.382-0.618 dip from 0.7405
The pattern has some interesting structure. i) XA leg a complete 5-wave corrective wave ii) B point is about 50% retracement of XA Leg iii) BC leg is an exact 1.414 extension of AB iv) CD is completing through a 5-wave impulsive (to be confirmed) wave v) 0.7405 is a test of 133 EMA on Daily time frame vi) RSI is at a significant high level on H4. vii) There is a divergence between RSI and Composite Index (which demonstrates the areas RSI fails to diverge)