In this analysis, I will be discussing the possible short opportunity in the CHFHKD Pair.
It appears to me that the greater trend has been completed, and we an a,b,c correction take place.
My first reason supporting this is that we have broken out of the trendline for the greater impulse structure and rejected it before sharply moving downwards.
Similar to how the wave A was sharp, I anticipate a sharp wave B also. This is because there was a triangle in the wave B, and the retracement for the wave B wasn't much. (Max 0.382 of the waveA)
In the wave principle book, the guidelines of the zigzag mention how the typical retracement for the wave B zigzag is somewhere between 0.382-0.5 of the wave A, and although we haven't hit the lower boundary exactly, I think we have came close enough to qualify this as a correct count.
Since the wave B appears to be a triangle, and the triangle always appears at the end of a move, this move can not be labeled as the 1-2 of a zigzag.
A break above the 8.4825 would discredit my wave count entirely. The target for the wavecount is the wave 4 of the larger impulse wave, which is anywhere from the 8.39456-8.38127.
I am leaning more towards the 8.39 target since the wave C's are occasionally less quick and steep than the wave A.
I am unsure of what to make of the Mika K time prediction technique for this zigzag. I have decided that the end of the wave B is .768 of the entire wave. I believe this because the wave B of a zigzag is typically the longest part of the zigzag. This is because the wave B is a corrective move, and corrective moves are defined by their choppy and time consuming characteristics. The wave A and C are both impulsive, meaning they are a lot quicker. I anticipate that the wave C takes a bit longer than the wave A to form, and that it'll be done by around 3 in the morning tomorrow.
It appears to me that the greater trend has been completed, and we an a,b,c correction take place.
My first reason supporting this is that we have broken out of the trendline for the greater impulse structure and rejected it before sharply moving downwards.
Similar to how the wave A was sharp, I anticipate a sharp wave B also. This is because there was a triangle in the wave B, and the retracement for the wave B wasn't much. (Max 0.382 of the waveA)
In the wave principle book, the guidelines of the zigzag mention how the typical retracement for the wave B zigzag is somewhere between 0.382-0.5 of the wave A, and although we haven't hit the lower boundary exactly, I think we have came close enough to qualify this as a correct count.
Since the wave B appears to be a triangle, and the triangle always appears at the end of a move, this move can not be labeled as the 1-2 of a zigzag.
A break above the 8.4825 would discredit my wave count entirely. The target for the wavecount is the wave 4 of the larger impulse wave, which is anywhere from the 8.39456-8.38127.
I am leaning more towards the 8.39 target since the wave C's are occasionally less quick and steep than the wave A.
I am unsure of what to make of the Mika K time prediction technique for this zigzag. I have decided that the end of the wave B is .768 of the entire wave. I believe this because the wave B of a zigzag is typically the longest part of the zigzag. This is because the wave B is a corrective move, and corrective moves are defined by their choppy and time consuming characteristics. The wave A and C are both impulsive, meaning they are a lot quicker. I anticipate that the wave C takes a bit longer than the wave A to form, and that it'll be done by around 3 in the morning tomorrow.
Trade closed: stop reached:
I am really confused with this chart. It has went sideways almost perfectly.
I might have to take a deeper look into the price action later on. My technical analysis of it was pretty good, so I am not upset with myself that it did not turn out how I predicted
I might have to take a deeper look into the price action later on. My technical analysis of it was pretty good, so I am not upset with myself that it did not turn out how I predicted