Primary wave 4 retracement would fall between .382-.5 of waves 1-3 Extended wave 3 so we should assume .786 extension of waves 1-4 If lend were to go to the bottom of the channel .786 extension would line up with 2.618 extension of waves 1-2 Wave 5 end lines up with a very strong resistance point
Would not enter this trade until 830-850 range or bottom of channel is touched.
to me fist wave is a diagonal triangle not regular impulse wave
ahmet0315
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to my count the wave 1 has not completed yet. check may chart buddy. i don't claim im the right just for discuss
Murdiuss
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@ahmet0315, I think the difference here would be your chart is on a much larger Primary wave scale then mine. Wave 1 subwaves can't be a valid count here though since wave 4 retraces into Wave 1 and we should have seen some sort of corrective pattern instead of the impulse in your subwave 5. Just wouldn't make sense for me to see such a strong 5th after a failure.
ahmet0315
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@Murdiuss, thanks for the comment i will look at it again