Well price fell down to my target at 1.6300 for a 46 pip profit. I never got the bounce and retrace off this level like I thought. This tells me my wave count was wrong. If you notice in my chart last night I had a 5 at the bottom. This is where I assumed price would eventually end up. I just thought I would get a more substantial uptrend leg C. The chart now tells me that last night we were starting leg 1 of 5 and the previous wave I thought was A was actually a 3 wave 4th leg. Oh well, I am more excited that I believe this now the end of the 5th wave. The reason I believe this is because we actually have divergence with our MACD and price on the 1 hour chart and wave 5 has completed 5 fractal moves down. I now believe this is the wave A start that could be 3 or 5 waves and will end around 1.6250 level. This level is between the 50% and 38.2% fibs of wave 5. If price reaches this level in 3 waves then I will take profit. If it hasn't reached this level after 3 waves then I look for wave A to be a 5 wave move. I just went long at 1.6064 with my target at 1.6250 and my stop 50 pips south. Let's see how this plays out?
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