Please see photo. 2 Safer Take Profit Zones. Price may pierce through the 4hr Head & Shoulders neckline with an extended wave. Higher probability of price bouncing up and rejecting off the Neck & Shoulders neckline, but you never know :)
Option 1: Take Profit 1. Option 2: Take Profit 2. Option 3: HOLD.
Please see links below for full analysis:
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Re-entry at point E if you want a VERY tight stop loss and hence increasing your risk:reward ratio.
However 1294.10 is a relatively safe spot if you wish to increase the likelihood of the trade remaining active.
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This short position could be incorrect. I've given a probable setup in my eyes.
Happy Trading!! :D
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Trade still valid with 1294.10 STOP loss in effect. Re-adjusted ABCDE triangle.
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Sorry, forgot to arrange the ABCDE
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Not too late to get in guys!
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Take Profit #1 target met.
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Highly possible that wave 4-5 as ended (equaled the same length as wave 0-1) Therefore if that's the case, price is rejecting off and breaking a trendline. I believe this could be the start of the ABC correction. However please be wary that there are core U.S data being released in 5 minutes and in 1 and a half hours. Let's see how price reacts from here. Set tight stop losses and STRICT risk MANAGEMENT.
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Two Things i see happening here: 1. Price is still correcting in wave 4 via a triangle. 2. Price will break right through here and continue down as the Wave 2-3 didn't reach it's intended Fibonacci Projection.
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Better Triangle:
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Possible long set up for a 3 leg move of ABC to complete points D - E.