EU completed a picture perfect 12345 impulse wave up.
Now in the process of correcting in perhaps an (ABC) retrace. Wave (A) looks like the requisite 5-sub-wave pattern. Wave (B) looks like the requisite 3-sub-wave pattern. Wave (C) should also be a 5 cycle wave.
I am imagining two possible wave (C) paths, thus the two different 12345 waves.
Background: I first started shorting in early April 2018, based on this analysis
I then fine tuned some fibs to show a path to 1.0700 by EOY
I have since been adding shorts on rallies such as this plan
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looks like we might be getting a rejection at my first line of doom. Lets see how this goes from here
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My limit sells were triggered at the second entry opp. It also was the 4.236 extension of first impulse up for the proposed wave 2
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EU bounced off the weekly Central Pivot (dark green line P). I had 30% take profit order there. It is actually possible that will be the low for the week, per pivot traders. So might as well book some profits. Leaving SL and BE on rest of the position
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this EW count still seems valid, or at least not been invalidated. I did expect a strong and fast wave 2, but would have liked a deeper retrace of the B within w2.
New Red Fib measuring the down move looks valid. The red 1.618 lines up nicely with the blue 2.618 on the up fib. Thus the hesitation at that fib resonance.
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EU at a critical price, at a cluster of 3 important fibs
Hi. I really am impressed with the level of your study. Is there any book or any form of education you can recommend me to get to this level of fibonacci and elliot wave analysis? Thanks, Ivo
EuroMotif
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@ivomarrero, Hello and thanks for your kind words. There are many resources on the net for Elliot Wave analysis, including from the original company. As for Fibonacci though, the resources out there mostly talk about 'retracements' while I mostly watch 'extensions'. But the basic idea with Fibs for me is to look a key move that may have started a trend, and then look for ripples of that move which should Fib ratios/multiples of original
@omidtrader1367, this is the second idea...by the way, trading here is too risky and we should not enter the market here.we should wait until one of these ideas has formed....buy in dips prices or buy after the completion of wave 1 and 2 of C or 3 UPTREND wave