Weekly: - Corrective Symmetrical triangle - 5th sub wave left to complete on this impulse wave
Daily - Wave 4 had a nice 0.5 - 0.618 retracement & Bounced - Going up for 5th wave - Breakout form descending channel, no retest yet - Red Doji
4 Hour - In this Major Wave 3, it does not look complete. It has not reached a 1.0 extension. Expecting upside to 133 minimum to complete wave 3 - Confirmed Breakout from Slanted Head & Shoulders pattern. Bullish but possible re-test? - Breakout form descending channel. Bullish - At Major Resistance. Possible Bounce down - Ascending wedge. It appears to be broken out to the upside and also a small retest but this is not clear... Not a confirmed breakout yet
2 Hour - Clear Bearish RSI Divergence - Not breaking Through Major Resistance - Bullish hidden divergence? Previous retracement on price formed the same Lower Low on RSI
Trading Plan 1 - Short the Breakout of the ascending wedge - Place entry at 130.70, - Place SL above swing High - Targets: wave 1 Support & 0.5 - 0.618 Fib - 129.70 - 128.7
Reason to short: - Ascending Wedge - Major Resistance - RSI Divergance - 5 wave complete, correction expected - Retest of Head & Shoulders Neckline - Retest of descending channel breakout
Reasons not to short - Hidden Bullish divergence on 2H RSI - Not oversold yet on Daily RSI
R:R = 0.9 - 1.7
Plan B: Wait until pullback on trading plan 2
Trading Plan 2 - Enter Long on Retest to play the H&S pattern on the 4H chart up to the Weekly Trendline resistance and to complete the Major 5th wave... This is for later