4Hr CHART Wave Count & POTENTIAL Bat Pattern
This bat has been in my sights for weeks now and prices are finally showing signs that it will move on up the CD leg. By my wave count, it is now well into the wave 1 of a 5 wave movement of the large wave C of the correction. Wave C should be a nice LONG ride up!
CONCLUSION AND MY TRADE PLAN
I'm already in LONG on this pair and have been holding those LONG positions for WEEKS now! But currently, wave 1 of the 5 wave up move in wave C should be coming to a close very soon probably near the minor structure level straight ahead. After that, wave 2 should commence and wave 2's have the ability to retrace all of wave 1 so be careful! Of course, the big "prize" is to catch the beginning of the ensuing wave 3 up. I'll be keeping a close eye on that happening. For now, I'm just holding my LONG positions and not adding any more. I'll wait for the wave 2 to begin to MAYBE take some SHORT positions but really, I'm waiting for that darn wave 3!