Waiting for the pullback or break.

This is a closer look at my previous post for the Weekly time frame.

Here on the H4 time frame we can see that I am expecting wave 3 to complete to the downside before the price should rally. There was a spike which caused a double bottom though which could see the break come before my structure plays out as indicated here.

That means I am waiting for one of two things before entering the long:
1. A H4 close above the resistance of this structure
2. A push down to the bottom of the structure to complete wave 3

Either of the above events would signal the long entry and I am looking to capitalize on this move!

Happy Trading!

Linton White
JP Markets
South Africa