EURUSD Elliot, Trend lines, S&R SHORT, after making wave "B" way higher than i thought in a previous analysis, i expect the price to go down to around TP 1.130 as i expected before. This update is made due to the stronger wave "B" Below my previous analysis, so you can see.
Your impulse down from the top (A) is not correct as per below reasons,
1. Wave 4 goes into the territory of wave 2 - This can't happen as an EW rule unless it is a leading diagonal which it doesn't look like it.
2. Your fib extensions on your main waves and subways don't extend as per EW guidelines.
3. (B) wave looks too impulsive to be broken down as a 3 wave move
I'd rethink the EW count as it doesn't meet the rules, guidelines of EW.
Don
victormcastanonc
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@donaldsaw, Thanks Don, i'm now leaving but will check on this later, thanks a lot for commenting
donaldsaw
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@victormcastanonc, No problem at all and happy to help fellow Elliotiticians where possible.
This is how I have my count -
soeoo3793
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@donaldsaw, your count is very nice . But impulse wave i , ii, iii, iv count form something wrong. My focus may be wrong.
donaldsaw
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@soeoo3793, Can you explain what you mean 'form something wrong?
Generally, EW and Fib works hand-in-hand where wave (iii) extends to either 1.618%, 2.618%, 3.618%, 423% or 686% of wave i - In the case of my count, wave (iii) and sub iii both extends to 2.618% with a clear ZZ correction follows so my preference is that it will go higher.
Thanks,
Don
victormcastanonc
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@donaldsaw, i guess what @soeoo3793 meant is that your wave "ii" it's located prior to wave "i" same place as wave "(ii)" i guess is just moved because seems to me it is in the right price spot only ahead on time since it is located in January the 30th instead of October 5th
donaldsaw
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@victormcastanonc, @soeoo3793 - That is an error so please ignore. Wave ii should be just above the 'Gap to Close' text.
victormcastanonc
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@donaldsaw, i was considering wave "A" as a diagonal triangle type 2 which according to a book i have is and i quote "Diagonal type 2 is a sort of impulsive pattern, which normally occurs in the first or A wave. The main difference with the Diagonal Triangle type 1 is the fact that waves 1, 3 and 5 have an internal structure of five waves instead of three. Experience shows it can also occur in a wave 5 or C, though the Elliott Wave Principle does not allow this. Don’t confuse this with corrective triangles" end of the quote. As i see it matches this description, anyway i'm not assuming i'm right, i'm learning and very thankful for your comment ill we watching the evolution. Thanks a lot
donaldsaw
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@victormcastanonc, That is a possibility and in other words, a leading diagonal. You have to ensure that the diagonal triangle/leading diagonal have to break up in 5 x ABC moves. I don't see that clear enough to determine it as a LD/Diagonal Triangle. Let's see what happens.
1. Wave 4 goes into the territory of wave 2 - This can't happen as an EW rule unless it is a leading diagonal which it doesn't look like it.
2. Your fib extensions on your main waves and subways don't extend as per EW guidelines.
3. (B) wave looks too impulsive to be broken down as a 3 wave move
I'd rethink the EW count as it doesn't meet the rules, guidelines of EW.
Don