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But in the bigger picture we have a BO zone overhead.
We had a TL break and a two legged retracement.
We may retest the high and have a perfect 123 setup
Or it does the BO.
And in the even bigger picture (daily), a deeper retracement would open the door for a nice 123 long setup. If not and the upmove goes on, then this would be the third wave of EW.
All this does not matter for me, as I dont trade for the big moves.
But there are many different stories depending on TF you watch.
Yes I was on that bus. But not for a very long time as I had an (IMO) optimistic target placed for my runner at 3380 where they kicked me out.
But to be honest, I did three of my little trades today (with that runner from the first one). And it was really hard to trade in a market that is waiting for any little smoke signal.
I would suggest these minute charts are misleading on these singlular time frames, the 240M shows the contracting range over the past few days. Drilling down to the 5M then allows for a context of PA keeping the 240M as a guide. In today's case the bottom of the range was a likely area of retracement to the middle, as it did indeed play out.
But even if the 5M were to considered just by itself, one can see the trendline break and then flush out at the bottom which was a EW extension and then the corrective move up bang into the the EW target looming above which was bounded by the 240M. As always, waiting for the panic would have kept one on the right side of the trade.
