mikeoakster
a year ago
Instead of "W", could be "A", and instead of "X", could be"B", which would then point to a "C" wave touching the top of your channel. That in turn could be the end of the higher degree "B" (the end of the respective "A" would then correspond to the beginning of your channel), suggesting a final "C" wave correction towards a lower low. And after that, could resume the uptrend. Let's see.
+1 Reply
HamzaLeith mikeoakster
a year ago
Thank you, sounds like a very viable alternative count. Iam just wondering, if A would correspond to the beginning of the channel, where would you put the previous "impulsive" wave of which this "A" is the beginning of the correction? cheers
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mikeoakster HamzaLeith
a year ago
At the high of May 2014 (1,3992). What do you think?
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mikeoakster mikeoakster
a year ago
Better said, the high of May 2014 is the end of , therefore it seems to me we are in the (B) of , you see? :-)
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mikeoakster mikeoakster
a year ago
Better said, the high of May 2014 could be the end of (B), therefore it seems to me we could be in the B of (C), you see? :-) More precisely, we could be in the (b) of B of (C). I can't insert my chart, invalid URL :-(
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HamzaLeith mikeoakster
a year ago
something like that?
EURUSD Possible reversal?
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ShaharyarZafar
a year ago
This is my exact analysis of the scenario. The only difference is that I expect the movement to continue to the upside after bouncing from X on the red line
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HamzaLeith ShaharyarZafar
a year ago
Thank you Shahrayar, I agree that that this pair's fait isnt decided yet, the move up from the beginning of the channel to 'W' could very much be a valid upwards impulsive move, it is my previous long term idea that made me publish this one. The correction towards the bottom of the channel is I believe a good opportunity either way, we will see.
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sigitas
a year ago
I think that X wave is a triangle. We will not reach 1.0680-1,0700. In Your wave (c) i don't see impulse.
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HamzaLeith
a year ago
snapshot
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mikeoakster HamzaLeith
a year ago
Hi, there! That does not seem to me as an inverted H&S, where shoulders should be inverted...
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HamzaLeith mikeoakster
a year ago
Well, it is less obvious due to the broken bar and it still has to fully complete. It looks a lot like this one....
https://www.google.co.uk/search?q=inverse+head+and+shoulders&espv=2&biw=1366&bih=681&tbm=isch&imgil=VApSIbvwAEu8kM%253A%253B4EZsWA3mGHSYjM%253Bhttp%25253A%25252F%25252Fwww.investopedia.com%25252Funiversity%25252Fcharts%25252Fcharts2.asp&source=iu&pf=m&fir=VApSIbvwAEu8kM%253A%252C4EZsWA3mGHSYjM%252C_&usg=__tT3wYKb4RsIAAoUEX1zqLT2IuUw%3D&ved=0CDcQyjc&ei=O8CeVZrPJ4y07QbVx7uIBg#imgrc=UhKrfY6pyZa_UM%3A&usg=__tT3wYKb4RsIAAoUEX1zqLT2IuUw%3D
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mikeoakster HamzaLeith
a year ago
I see now what you mean. :-)
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HamzaLeith mikeoakster
a year ago
I don't like how symmetrical this looks, regardless of what it is called, these black lines could still be good guidance with regards to the direction. Since this is very much a correction, I still have a bearish bias in the long run, just saying that I will close the short position because I am in doubt, I will definitely re-enter once I have a good indication towards the downside. Better be careful than lose money right? Good luck mate
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HamzaLeith
a year ago
snapshot
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