20160422 - short in corrective wave, TP set to cloud bounce
First time I'm attempting to read Elliot waves and us them in conjunction with Ichimoku.
Seems we are in a corrective wave after the 4/12 high point near 100% fib, with a sensible goal set to the flat-top bullish cloud, which also coincides with the 61.8% fib for the long-term range the EURUSD has held.
Seems we are in a corrective wave after the 4/12 high point near 100% fib, with a sensible goal set to the flat-top bullish cloud, which also coincides with the 61.8% fib for the long-term range the EURUSD has held.
Comment:
now that i look at it, the (2) wave should be several bars back, where price dips below the cloud and bounces off the 23.6% fib.
Comment:
Forgot to add my SL, which is at 1.1355 - the location of the most recent Chikou high
Comment:
1.1355 SL also coincides just above a long flat-top cloud on the 4H chart. If price can break that, we should reconsider the trend,