See previous chart (link below) for details of overall view. Previous short was stopped out but it seems the overall counts still looks correct to me, hence another attempt to join the potential short.
Here are 2 possibilities, either we get a retrace of the decline or breakdown without much retrace. 1. Entry short: 1.1450 Zone (on partial retrace, but then actual entry and stop loss could be adjusted), Stop Loss: 1.1517, Target: 1.110 zone 2. Entry short: 1.1350 (on breakdown without retrace), Stop Loss 1.1407, Target 1.1 zone.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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UPDATE 23rd Oct 2015: We either have wave iii of 5 wave decline almost complete OR an abc move of the high. Retracement will provide more clues.
DanV
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UPDATE: Of the 2 trades, No 2 was triggered and is working out well. Fast approaching target zone. we might get short term bounce in the form of wave 4 around 1.1 -1.120 zone. So still has more to run but need to be sure that we are not caught off guard. Here is the updated chart
Keep in mind that in strong trend wave 3 often extends. So be careful of reversal trade. Need more confirmation on completion of the cycle.
IvanLabrie
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Great DanV, nice catch.
I'm still unsure of the wave count but still, great trade.
DanV
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Thanks.
I agree, the overall counts are not yet clear. Many are suggesting that the recent high is wave 2 of larger wave 5. I am not sure of that about that count and feel we have complex zigzag correction which once complete we should start in new bullish cycle. Hopefully we will get clarification in due course.
lorrenz0
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Thanks for regular posts. I've counted a wave (i) from 24-Aug high of 1716 to 3 Sep 1084. then an abc wave (ii) to 15 Oct 1493. So I agree we are going down, but my count says we are at the start of wave (iii) down.
DanV
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Thanks for your comments. Appreciate it.
Regarding your wave count you could be right. However, as I have noted on my chart, I could not convince myself that the initial decline of Aug high could be counted as 5 wave impulse hence I have labels it as wxy zigzag.