Unfortunately, the correct stop is much higher – which makes the Risk/Reward not a good one…
So we have two options
Both options are bad, but that’s what happens when we make mistakes… 🙁
You can see on my chart the count looks correct and complete, but there is a chance of a small wave up still to complete the lower degree count. I have 3 positions opened where the arrows are, so I will take the option to raise my stop.
The different ways to project the top coincide on a very tight range from current levels or not too much above. Different studies also agree on a reversal.
I apologise for my mistake. But I re-state that the count is correct and a large decline is imminent from current levels or not too much above. The only problem was the calculation of the stop and of course the choice of entering the trade based on the favourable Risk Reward ratio.
Would You Like To Access To One Of Our FREE Video Trainings?
Learn a simple proven trading strategy so you can win more often than you lose and have bigger winners than losers.Access Training!