The wave count may seem odd to many, because it isn't the orthodox version as taught by Prechter. The count presented here is based on the discoveries of Ian Copsey as taught in his "Harmonic Elliott wave". HEW addresses and resolves the problems with the generic version (ever notice those occasional big overlaps in the middle of wave3?). Copsey's discovery is that ONLY waves A and C are five waves, and that waves 1, 3 and 5 are each composed of three waves, not five.
Furthur info: www.youtube.com/watch?v=GgWoxN8g...
My view is that the recent rally requires some correction; the count I've presented is the most bearish scenario, in that we've only completed minor wave 1 of A of 5 (remember, HEW wave 5 will consist of a 5-3-5 zigzag). Wave 2 appears to be either a zigzagA-triangleB-5 wave C flat correction OR a double zigzag with a triangle wave B. Or... ?
On the theory that when the first wave in a correction reaches the 50% level (as here), the final leg SHOULD reach the 61.8% level, I'd expect price to reach the area of 1.1305-1.1310; there are a number of retracements and extensions from various swings in that area, but not much in the way of price structure resistance. The 50% level has stronger price structure resistance, so price could fail again at that level.
Depending on the structure of the expected wave up (if it develops), I'm hoping to get short SOMEWHERE above 1.1280 with a protective stop just above 1.1391, with a first target at 1.1135 to get risk off.
Furthur info: www.youtube.com/watch?v=GgWoxN8g...
My view is that the recent rally requires some correction; the count I've presented is the most bearish scenario, in that we've only completed minor wave 1 of A of 5 (remember, HEW wave 5 will consist of a 5-3-5 zigzag). Wave 2 appears to be either a zigzagA-triangleB-5 wave C flat correction OR a double zigzag with a triangle wave B. Or... ?
On the theory that when the first wave in a correction reaches the 50% level (as here), the final leg SHOULD reach the 61.8% level, I'd expect price to reach the area of 1.1305-1.1310; there are a number of retracements and extensions from various swings in that area, but not much in the way of price structure resistance. The 50% level has stronger price structure resistance, so price could fail again at that level.
Depending on the structure of the expected wave up (if it develops), I'm hoping to get short SOMEWHERE above 1.1280 with a protective stop just above 1.1391, with a first target at 1.1135 to get risk off.