All the EW counts I've seen on Fiber takes the final leg down a five wave. This was also what I thought for a while, until now. On the other hand, double zigzag fits much better than a five wave. If this is the case, the current daily uptrend might be an X which would indicate much selling in the following months. Another possibility is that the downward movement is over and we are experiencing the A of the A-B basement of a new, supposedly a decade-long uptrend.
Comments
JWagnerFXTrader
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Thank you for sharing Yuzuki - that is a count I hadn't considered.
The_Cannalyst
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Thak u for sharing...
DanV
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Thankyou for sharing your chart.
Could I please ask, with the recent low at Y circled and subsequent bounce, what price pattern or sequence do you see developing from here.
YuzukiChan
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That's the most tricky part which all FX traders wants to know : ) I have some thoughts on that, but my thoughts are constantly changing. For me, there's no right counting. I just pick one reasonable count and try to support it with other tools such as Gann fans and Fib clusters. Right now, I'm not trading Fiber. Just watching what it has to offer me.
DanV
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I see. I was wondering because you have larger potential triangle labelled as A_E so normally resolution of that would result in impulsive leg, But you have labelled it as WXY so was wondering if there is something different playing out as you see it.
Thanks for your answer.
YuzukiChan
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I tend to label triangles as penultimate waves in either motive or corrective structures. So in this one A-E is the X which precedes the final movement, Y, which itself is either a double or a triple (more likely) zigzag.
YuzukiChan
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This one seems like a nice count after the bounce:
DanV
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Possibly, though I am not sure if his III and IV are correct.
YuzukiChan
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Yes yes, III in that chart is what I labeled as (Y).