Long

# A Bullish Setup To Get On Top Of The 5th Wave In EURAUD

FX:EURAUD   Euro / Australian Dollar
140 views
140
This is really exciting.

I've never seen this amount of numbers sitting on top of each other.

You see the count and for the longer term I believe we are sitting in the C wave of a correction which would be a five wave move.

It's already forming its 4th Wave.
Now as Elliott Guidelines suggest, because the 2nd Wave was a Flat, the 4th Wave would probably be a ZigZag .

The good news is that we've already seen a bounce for this zigzag and I have projected the completion of this AB=CD zigzag and look how this symmetry number has fallen right on top of the 3rd Wave's 38.2 retracement level.

Last but not least, I always use a method I've came up with, which I call it the "Vector Extension" method, to project the ending points of the 4th Waves and it works incredibly all the time.

How to calculate the "Vector Extension"?
- I take the starting point of the bullish move (which is Wave 1's starting point) and connect it to the ending point of Wave 2.
This is basically the Net distance the price was moved during Wave 1.
The rule of Harmonic price movement suggests that the price moves in Natural Ratios.
Based on this belief, I take the Net movement of Wave 1 and project it upwards to find the ending point for Wave 4 (which
also shows the Net movement of Wave 3).

Now as you can see, the 4.236 Vector Extension of Wave 1 lies exactly on the 38.2% Retracement of the 3rd Wave also!

I've never seen 3 "independent" price ratios falling perfectly on each other.

If you have any questions regarding the "Vector Extension" method I disclosed feel free to comment and ask about it.

Until next time, Take Care.