Ok. Last week we had a good rise and I have closed the long position, which opened at 1.09930 (when wave 3 shot up and breakthrough wave ) and closed at 1.11961 (stop lose in wave 5, which has a leading diagonal)
I think, this rise did not complete and the pair just do a correction. Now it is looking like a zig-zag patter. The pair had completed wave a, seems completed wave b and next step it is wave c. If look on the chart, we see, that expected level will near the price 1.11. I decided it because:
a. the Fibo Retracement level at 38.2 % (common retrace for wave four)
b. proportion between waves a and c: a = c
c. After leading diagonal correction usually going to the point, where is diagonal started. (1.1115)
d. Parallel channel for wave (3)
Anyway, I am prefer waiting and looking how correction will develop. When correction will complete this pair will have a excellent opportunities for grow and complete wave (3) or wave (5) (for alternative count) with first target at 1.14.
I think, this rise did not complete and the pair just do a correction. Now it is looking like a zig-zag patter. The pair had completed wave a, seems completed wave b and next step it is wave c. If look on the chart, we see, that expected level will near the price 1.11. I decided it because:
a. the Fibo Retracement level at 38.2 % (common retrace for wave four)
b. proportion between waves a and c: a = c
c. After leading diagonal correction usually going to the point, where is diagonal started. (1.1115)
d. Parallel channel for wave (3)
Anyway, I am prefer waiting and looking how correction will develop. When correction will complete this pair will have a excellent opportunities for grow and complete wave (3) or wave (5) (for alternative count) with first target at 1.14.