Just wanted to put this out as my first ''Educational'' Idea.
Will update with further thoughts after posting.
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My goal here is not claim THIS count is correct, but more to show how the basic structure of EW is ''supposed'' to fit together, in simple 12345 impulse to ABC retrace. And when zoomed out, each eave should fit into a bigger structure of same wave concepts.
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* each WAVE should fit....
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Based on developments since the above chart was posted, I am currently thinking about these adjustments to the EW with FIBS:
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Quick update: If this last leg (wave 5 of 3) plays out something like this, than it will add confidence to the bigger picture for the bigger waves. Of course, nothing ever plays out exactly as expected, but wave 5 should have 5 subwaves. If the subwaves start forming, then I will fine tune the target for this 5-of-3
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Above: I guess it would be a wave 5 of 5 of 3. (three layers deep). If so, there should be a pretty good bounce as several downward cycles might terminate there.
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Just a quick update on EW + Fib analysis. Start with the smallest pieces, fit to bigger pieces.
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The above 1 minute chart has helped me confirm the 1 Hour analysis. So the above 12345 fit into my wave 5 of 5 of 3 (meaning wave 5 in the fifth wave of larger degree, which was third wave in larger degree 12345).
Good try, only don't like mayor wave 4. For me is a clear 2/B wave.
EuroMotif
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@FilipeMiguel, good point. That is the thing with EW right? the old cliche ''put 10 ew experts in a room, give them all the same chart, and you will get 10 different plots'' :) Then we wait to see which of the 10 is closest, and perhaps 3 or 4 were correct in direction but not targets, etc
Acel
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@euromotives, actually the counts can be different but the targets will be most likely equal because of the fib correlations.
Personally i dont understand why you use the minus fib levels to project? Arent we supposed to use the extentions based on wave 1 or wave1+3 relationship?
FilipeMiguel
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@euromotives, like us the market have his emotions and EW is a strong TA to predict this. Is like a puzzle that you will have to build. Now, we have to distinguish the bad ew experts and at same time do not forget that we are playing, at the same time, with odds.
For exemple, during the day I see here many charts who do not follow the EW rules and another technical analysis errors like trendlines with two points, H&S that do not exist, C&H meaningless, etc, etc. So what I mean is the problem is not the waves or the TA but is the person who made the chart.
Finally, I wanted to say that EW is just another TA, and as I say before plays the odds, so at same count we can have diferent (alternative) counts.
Normally I only show my primary count but I accept other alternatives that they comply with the rules and the price/time ration. For exemple, I love this alternative count:
Have some problems, most likely my counts but is very well done