The short setup suggested in the last post failed. The market moved straight up for what looks to be W.C of the suggested Triangle pattern .
As of now it looks like we are in corrective W.4 of W.(C) of this pattern.
Strategy : We wait for the completion of W.(C) to the upside in the white resistance zone . Once the same is complete we will look for reversal signs to initiate shorts.
Komen
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15 min. : W.4 either complete as a Running Flat or continuing as a Triangle, in either case expecting one leg up for W.5 and then a down move.
Komen
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1H : Sharp upmove suggesting the possibility that the upmove may be an Impulse rather then a W.C of Triangle, we need a break above 2818 for the same, untill then existing longs should book partial and trail remaining.
Komen
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15 min. : Looks like a Running Flat for W.b/ii :
Komen
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1H : Expecting move up for W.x/iv :
Komen
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4H : It seems we have just completed a W.x/b/i whichever the wave it may be a pullback is expected from here, hence longs can be added on a move outside the channel with SL a bit lower then the current swing low :
Komen
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15 min. : So far so good, looks like we have a corrective pattern to the upside :
Komen
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15 min. : Could be W.ii complete and W.iii down for impulse or a corrective continuation for W.x.