The case is evident from the chart.
Similar to my EurUSD chart, we are in the middle of the wave 3, of the wave 5, of the greater trend.
My reasoning behind this is stated below:
1: A very clear extended third wave can be seen.
All of the rules and guidelines for an impulse wave have been followed.
2 does not retrace beyond the start of 1
3 is not the shortest wave
1,3 and 5 are not all extended.
4 does not move into the price territory of wave 1.
We see a deep and long wave 2, and an alternating wave 4 that is short and shallow.
The target for the wave 5 is the 3.414 -3.618 fib extension of the primary wave 1.
Using the mika.k time technique I anticipate this will happen sometime on april 14th, from 11-21:00.
My concerns with the time technique for this chart, is that the wave 4 of the primary trend has been very hard to identify. I will only know if my wave 4 termination is correct depending on the termination of the wave 5. If the wave 5 moves to my target within the time I predict, it confirms that my wave 4 was accurate.
My other concerns with this chart, is that the wave 5 doesn't end up moving to the 3.618 extension of wave 1, but instead stops at around 1.60595.
This would happen in a situation where the bullish momentum isn't as great as I forecast it to be. If the bullish momentum for wave 5 dies down, we can see it going towards the 1.60657 target, but if the momentum continues further, I believe a 3.414 -3.618 target from the primary wave 1 is possible.
My final concern is that the wave 4 I have outlined isn't as picture perfect as I would like it to be. It doesn't show a clear corrective form. I assume that this isn't that bad, since it could imply that there is a lot of bullish momentum.
Similar to my EurUSD chart, we are in the middle of the wave 3, of the wave 5, of the greater trend.
My reasoning behind this is stated below:
1: A very clear extended third wave can be seen.
All of the rules and guidelines for an impulse wave have been followed.
2 does not retrace beyond the start of 1
3 is not the shortest wave
1,3 and 5 are not all extended.
4 does not move into the price territory of wave 1.
We see a deep and long wave 2, and an alternating wave 4 that is short and shallow.
The target for the wave 5 is the 3.414 -3.618 fib extension of the primary wave 1.
Using the mika.k time technique I anticipate this will happen sometime on april 14th, from 11-21:00.
My concerns with the time technique for this chart, is that the wave 4 of the primary trend has been very hard to identify. I will only know if my wave 4 termination is correct depending on the termination of the wave 5. If the wave 5 moves to my target within the time I predict, it confirms that my wave 4 was accurate.
My other concerns with this chart, is that the wave 5 doesn't end up moving to the 3.618 extension of wave 1, but instead stops at around 1.60595.
This would happen in a situation where the bullish momentum isn't as great as I forecast it to be. If the bullish momentum for wave 5 dies down, we can see it going towards the 1.60657 target, but if the momentum continues further, I believe a 3.414 -3.618 target from the primary wave 1 is possible.
My final concern is that the wave 4 I have outlined isn't as picture perfect as I would like it to be. It doesn't show a clear corrective form. I assume that this isn't that bad, since it could imply that there is a lot of bullish momentum.
Trade closed: stop reached:
Well, I am glad that my winning streak is finally broken, so now I can afford to take more risks. I am still unsure about the priceaction from the start of april 12th. We have hit the 1.65 extension which made for a clear wave 3, but since then, we have reached back into wave 1 territory, telling me that this isn't a wave 5.
