Idea is a based on a combination of elliot wave theory and median line analysis. The reasoning behind this technical analysis is a basic count of elliot waves combined with a longer term slope (please zoom out to see it). On the chart you will have concrete target and stop loss. Why I think wave i is about to end: price is sitting right against a top of a schiff pitchfork which I chose not draw on the chart to reduce clutter. Please check out the comments section!!. For those of you who will repeat the count of all the subdivided waves ---> RESPECT.
A funny title! :) So you've come to a conclusion that the correction is over and another impulse wave has begun? That's OK., very well, but again, we still don't know:
a) if a new wave i has begun (or if it is a wave d of an abcde correction, or if it is a leg of a complex correction)
b) if the ongoing wave i has ended (or if it's still in the process of development).
These are I guess some of the common problems with Elliott Waves practical application.
NQunlocked
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Thank you for a very sharp observation and a healthy and constructive skepticism. please take a look
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btw I deliberately chose the stop loss higher than the median of the older slope!
Timing_is_key
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Good pickup on the Schiff, seems to be respecting the parallels ( & the 50% Intervals ) well done. If this top confirms it actually fails to reach the previous ML ( Handles are your A,B,C corrective wave ). This normally means a bigger move in the opposite direction of your presumed wave 1. However there is a situation ( You need to follow me on this one ) where it ALSO fails on the very next ML ( Handles are your B,C,5) This would put your anticipated No.II pivot near the schiff 50% interval instead of near the 3 bottoms. This is where it becomes interesting, Dr Andrews called this a SHAKE-OUT! and the probability is high that the next move ( your anticipated No.II to No.III ) will be BIG and in the direction of the 1st failure (UP) which would confirm your IDEA:). Very interesting indeed. We just need 5 to confirm!
Sincerely,
TIK
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I almost hesitated about about wave ii because It actually makes more sense for the price to respect the median line of the gray pitchfork and then heading up. But then with elliot waves, many times price presses so low almost as if it is going to invalidate the move (by retracing lower than the start of wave i, which is at the lower parallel of the pitchfork). But I absolutely agree with you that wave ii could end up higher, I was kind of planning on updating the idea as we go just like I did with the other idea's because we can never know now how strong the correction from wave i is going to be. TIK, great comment!!
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Here is the alternative Long scenario guys
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update
Sam0101
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hi whats now for this pair? will be go all the way up to 9.46? then 9.5?
a) if a new wave i has begun (or if it is a wave d of an abcde correction, or if it is a leg of a complex correction)
b) if the ongoing wave i has ended (or if it's still in the process of development).
These are I guess some of the common problems with Elliott Waves practical application.