I have chosen this ABCDE triangle wave as my primary count on the daily time frame, which also looks like an ascending wedge
pattern wise. Ascending wedges
are usually a bearish
reversal pattern but can be used within a larger movement. So, technically my downside targets are near the wedge
bottom ( USD 3100-3200 level) , where it'll be crucial to watch if the support holds or not. But , my current play on the shorter frame is long position with targets around USD 4350-4400 levels, where my E for this potential ABCDE ends. Although , its a riskier trade but I have a tight SL if the wedge
breakdown is in play from right this point onwards.
There's no such thing as being sure in the markets. Wedges
can break from the upside too and that would be considered as very bullish
. In that case, i'll spread my asks in USD 4900-5200 ranges with a tight SL. Still i ain't dreaming of such miracles atm .
Count wise i'm banking on a small wave down after this potential ABCDE towards USD 3000 level , which might give us a small Y of a larger WXY down. This is my bullish
case would put it around USD 1500 levels before the end of this correction.