URIFX
Long

AUDUSD: Wave E or wave 3 / Booth are bull waves

FX:AUDUSD   Australian Dollar/U.S. Dollar
236 3 3
I have 2 wave counts.
1/ If price action forms 5 waves of a diagonal ==> there is a 5th wave to trade
2/ If the current price is a correction (don't overlap wave 1 - red zone), next wave is wave 3. A huge move up!

Waiting for the breakout is the best for me!
Trade active
Comment: Buy next correction
snapshot
Just wondering . . .
Are you using a proprietary form of Elliott Wave or the "classic" EW ?
I ask because I'm wondering why you are using 1-2-3-4-5 or impulsive wave counts
to label price action that is very corrective and overlapping instead of a-b-c and/or w-x-y
Thanks for your thoughts and wishing you a big pocket full of pips !!!!!!!!!!
Reply
URIFX dojitrader
thank dojitrader! I labeled 1-2-3-4-5 because I think it would be a Leading Diagonal ( I will edit this idea title too. I still used wave E instead of wave 5).
Reply
I see . . . I did not think of that since I don't think I've ever seen
an expanding leading diagonal for a corrective move.
Anyway, is it true to your experience that a leading diagonal should
subdivide into a 3 waves within, which makes this difficult for me to see
especially in wave 2 to 3 which - to my eye anyway - looks like a pretty
good 5 wave subdivision.
Thanks for the discussion !!!!!!!!!!!
Reply
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