Elliot Wave: just completed wave 4 to the downside of wave 3 looking for an uptick to the 107.40 zone long term
Notes:
morning star formed around the 764 fib retracement. I set my entry just below the .764 and waited for the second retry to the low for entry.
stochastic showing oversold macd still showing decrease in downside momentum
What can go wrong: breaking below wave 1 zone would indicate we are not actually in an elliot motive wave to the upside and instead in some form of ABC corrective pattern and throwing my bias completely out the window.
SL at a conservative 20 pips which put me just below the wave 1 zone which it shouldnt enter and below the last swing low.
Trading ditutup: stop tercapai
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SL reached
we were not on elliot wave 3 but actually elliot wave 5 and now in the ABC correction pattern. This should have been easily spotted and but somehow overlooked.