monthly chart euro Australian dollar we are in the presence of elliot waves already completed with five waves of pulses has already formed the first wave of correction (a) is now forming the second wave (b) very prababile on resistance of 1.51 (the resistance of 1.5830 and the support of 1.2220 are the maximum and minimum of the year 2013) and then to enter into a short position better to wait until the prices are testing area 1:51 with a clear signal short with target support area 1.23 / 1:22 which in theory should be the wave c
Comments
DanV
⋅
Thank for sharing your analysis. I am not sure if your counts are correct. You will note that your wave 5 is in fact 3 swings rather than 5 internals. So it must be something else rather than 5th wave. You might like to check and see if it qualifies for possible expanded flat as show in my chart. If my assumption are correct then we could be in early stage of new bullish cycle up and appear to be in wave ii retracement of either larger wave C or wave 3. Would be interested in your view.