Big correction coming up?

Looks like this is going to the top of the channel but there's a big possibility of a nice correction before it gets there.

We should get a lot more information over the next few hours. Price will either push on up through the top of the diagonal or it will pull back.
If it pulls back look for a short entry set up.

Let's see what happens - I expect some sort of correction but naturally I don't know exactly how it will look. My drawings are simply there to give you an idea of what might happen.

All forecasts will be updated as they develop - remember to follow to receive them.

Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

Komen:

Price has retreated from the diagonal top and we now have a nice short set up. Remember we are always dealing with probabilities so nothing is a sure thing. Anyone who shorted this from the top might want to move stops to zero and maybe even consider a second position

Komen:

Looking good so far

Komen:

We've reached the bottom of the channel - looking for a break out now

Komen:

OK price has pushed through the channel - what next?
I expect a deeper correction than we've seen so far - how it gets there is the next question we need to address. The ABC drawing (above) does not necessarily represent what will happen; it's merely one possibility. Price may push on down from here or it may trace out a flat which would wipe out any profits gained so far. The happy medium is to tighten up the stop loss to protect profits and still allow for the possibility of a deeper correction.

Komen:

Guys we never know how a structure will look until it is complete so we need to constantly adjust our ideas as things develop. This trade is developing as I expected - only the exact shape is different. I've adjusted my ABC drawing to match what we have so far. By doing so we can have a better idea of how it is going to proceed. By the way anyone who was in the short trade should be out of it by now.

Komen:

Of course this could turn out to be a sharper zig zag correction that's why I haven't suggested taking a long position yet.

Komen:

Looks like we're getting a zig zag - of course it can become much more complex but we work with what we have so far. I've adjusted the drawing to take developments into consideration.
I'll wait for the next long set up.

Komen:

This correction is looking complete - I'll post a new chart shortly