Jiriky

What to expect next week

Long
FX:CADCHF   Canadian Dollar/Swiss Franc
My first published idea.
CADCHF looks bullish to me. If it stays
above 0.69415 level my counting could be right. Feel free to Comment

Comments

That's What I was thinking to but then I was confused by the main trend line cutting the way up. The trend line is coming from all the way from February 20th daily candle. Please let me know after looking at the trend line if you think it can break that. Thank you.
Reply
Jiriky ARSLAN-O
@ARSLAN-O
I would say it will break up an hit the top of the uptrend channel. If you look at the lower timeframe you see the Elliot wave with two different correction moves.
In trading there is no 100%.
But I would still stay long here.
If you look at the weekly time frame, the main trendline is also short but still far far away,
Reply
ARSLAN-O Jiriky
@Jiriky,Hi, Thanks for the reply. You are right I think. So where we are at right now would be the 4th wave pull back even though I would expect it to pull a little more. However There is also double bottom on the 1H chart you posted. I think I will wait for a confirmation. Wait it to break the blue trendline I drew and take long position. Thanks again.
Reply
ARSLAN-O Jiriky
@Jiriky, Oh You also mentioned that if it stays above 0.69419. That's exactly 14 EMA at on the 4 hour time frame. I was expecting it to hit that and bounce from there one last time before breaking it but hey I am just a beginner. So I don't know of course.
Reply
ARSLAN-O Jiriky
@Jiriky, I didn't know much about Elliot Wave. I did some research and if I am not mistaken the 3rd wave should be the longest wave. On this chart the first wave is longer than the 3rd wave. The 3rd wave is an extension of 161.8% of the first wave in the Elliott wave count. Would that make the Elliot Wave invalid at this point? I am just trying to learn. Thanks in advance.
Reply
Jiriky ARSLAN-O
@ARSLAN-O,
That's not correct. The 3rd wave can not be the shortest. That means 1st or 5th can be longer than 3rd as long as one of them is shorter. So the 5th wave that comes has to be shorter than the 3rd.
Reply
ARSLAN-O Jiriky
@Jiriky, Oh Ok. Thanks for the reply. I will go study more.
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