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Originally posted by W3hunter: ↑

I`ve been back testing a couple of things in our system and refining the entry /stoploss a bit more .. a bit excited with the common results!..as it turns out with the 1st 50% retrace above a GC we`ve located the 3rd of the 3rd wave, I`m very confident of that..now it also seems that if were on the right path this particular 50% retrace will always hold (maybe a 2nd back test but it will hold)...following that a "count back line" entry will also be very very reliable..if we have those two things then a 1.618% wave 3 target is a given...that will be a 1.618% projection of wave 1 and a min 100% projection of minor wave 2 (which is the "50% retrace wave above GC")..I`m backing this on 3DP at the moment....so if the 50% retrace does not hold then its a quick exit because its not the trade we want..but if it does hold and price closes above the CBL then its all systems go for a pretty certain 100% trade.. @aceryx you will see this 2nd 50% back test with GCM at the moment. too many examples to post for this but its worth a look..two other refinements are that the main wave 2 retrace must be a higher low and must also be a double bottom..View attachment 6826308

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Thanks for the feedback @W3hunter much appreciated taking your time and explaining this. Obviously with charting there will always be rules that may be broken, the main chart I've been focussing on after taking profits on GCM is VR1. Looking at this it has the characteristics similar to the 3DP, MTM and GCM but am awaiting for confirmation of a solid break.

Does w2 always need to be associated with a double bottom, even if it is a higher low.

It looks to have found support from the 50% fib rt after the 65/200 ema golden cross and the MACD looks ready to turn around. I've put the CBL at 2.5 for VR1 as it is right where the 50% fib is and found support from touching this level recently. A break of this would probably be bearish.

Thoughts if you have any time would be much appreciated.