Possible Wave 5 to follow completion of Wave 4 (Triangle)

FX_IDC:EURGBP   Euro / Britisches Pfund
It appears 5 subwaves of a Contracting Triangle have completed in wave 4. It looks like this Contracting Triangle may be the full corrective move of wave 4 since it has reached the .382 fib retracement of wave 3, this is the most common retracement for a wave 4. It also appears to have ended near extreme of wave 4 of one lesser degree in the impulse which is another common price level for a corrective move in wave 4. This wave 4 is also in correct proportion to wave 2. The RSI indicator supports my prediction that wave 4 has ended. RSI Range Rules say that in an up-trending market RSI will typically fall back to the 50-40 zone in a corrective move and bounce up at its completion. The Stochastic is also nearly showing oversold conditions.

Conservative entry on the break of the wave D extreme.

Stop Loss:
Just below the extreme of wave E.

My system says pattern over hard take profit targets so I will wait for a 5 wave impulse to complete while managing the trade along the way (Lessen Risk -> Eliminate Risk -> Protect Open Profits). As a guideline wave 5 could possibly end around the line drawn from the extreme of wave 3, parallel to a line connecting the extreme of waves 2 and 4. The other 2 targets are based on wave 5 being equal to a .328 multiple of the net distance of wave 1 through 3 and being equal to a .618 multiple of the net distance of wave 1 through 3. All of these are common fib multiples for wave 5 in an impulse.
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