For the folks, the pattern doesn't get much clearer. guys will love the appearing at the and having confluence with a on the . traders see a nice potential ready to complete. So Nison, , and Carney all agree!
Here's the best part. The stop can be placed just above wave 1 termination point....about 15 pips. rule says wave 4 cannot go into wave 1 territory, so if price does retrace, and price has tested this are multiple times before. For targets it looks great, as the previous low is 61.8%, and guess what? A little better than 1:1 r/r. Target 2 is the point at which , and is the 1.618 fib extension.
Highly likely price will revers here, so take your profits and watch for your reversal signals to long!
So we are a net 73 pips. Also, it looks like wave b may have completed and we are ready to move back up again as a hammer completed yesterday....wait for bullish confirmation.