So price has now broken 100% level in Tpl3 and Tpl4 to the upside by more than 30 pips. Do we now assume that price wants to move higher?
If this is the case, then according to rules of Tpl4, price should not retrace more than 50%+14 ( 1.2994) before it continues higher. We need to break 1.3143 (23.6%) for confirmation, and then target 1.3226 (61.8%), 1.3257 (76.8%) and 1.3309 (100%).
For Tpl3, 38.2% (1.3145) needs to be broken to confirm up trend. This level is 302 pips from base line (2.38 phases) so according to rules should reach 4th phase (1.3224) and if it breaks 23.6% of 4th phase (1.3254) then price should reach 100% (1.3351). If prices breaks 1.3145 (38.2%) then it should not retrace to more than 1.3048 (61.8% of lower phase) before moving higher. A break of this level would mean that direction has changed in the short term.
All feedback appreciated
If this is the case, then according to rules of Tpl4, price should not retrace more than 50%+14 ( 1.2994) before it continues higher. We need to break 1.3143 (23.6%) for confirmation, and then target 1.3226 (61.8%), 1.3257 (76.8%) and 1.3309 (100%).
For Tpl3, 38.2% (1.3145) needs to be broken to confirm up trend. This level is 302 pips from base line (2.38 phases) so according to rules should reach 4th phase (1.3224) and if it breaks 23.6% of 4th phase (1.3254) then price should reach 100% (1.3351). If prices breaks 1.3145 (38.2%) then it should not retrace to more than 1.3048 (61.8% of lower phase) before moving higher. A break of this level would mean that direction has changed in the short term.
All feedback appreciated