Just had a bit more of a think about this one @W3hunter. I'm leaning toward watching the 8ema and making sure it rolls over a bit for the actual retrace to be valid. Much like the HH > HL > Breakout structure, but with the ema. The hourly chart has this structure, but the daily doesn't, which is nudging me in the direction that we haven't seen the top of w1 yet? Just a thought! So, we could see another little run in price, but I don't think it will be sustained, however if that theory is wrong I can trade a smaller position on this hourly chart. We see this ema breakout coincide with the 61.8 fib level quite often, this is what led me to believe the daily chart isn't quite the correct setup just yet, a bit volatile price wise.
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