Disliked
Perhaps 1.3264 was your (e) aqua & we are now on delayed catch-up break over 1.34 riding on Yen weakness..Ignored
Labeling in real time has to be flexible and allow for the fact that, like a poker player, we only have some of the pieces of information, and use deductive reasoning to make educated guesses at what the whole picture actually is. We then adjust as more information becomes available as the chart grows, respecting the Fibonacci additive sequence... with a lot of underlying order, but still some randomness as nature makes the chart grow and grow...
Triangle interpretation still valid, still the most likely count..... If I look across at highly correlated pairs... EURJPY for instance, triangles are also forming and working themselves out... This gives me confidence in the pattern.
Years of experience and the gut feeling that experience has created tell me from PA alone that there are big deep pockets buying any approach to 3260, and his protects the pattern for now... The smart money is long.
What I don't like is this that this pair is usually KING.... and these days it gets bitch slapped around by EURJPY left and right... With JPY under Central Bank engineered aggressive revaluation, the swings are a bitch. Its like a nuclear acident waiting to happen....
The longer we churn above that support, the more likely a bitch slap induced "accident" will happen and trip stops sitting below, setting off a chain reaction that eventually takes 3260 out...
My stop is 3253... a few pips below the 3257 print that is the key to this whole pattern....
Attached Image (click to enlarge)
