This is a different case in EURUSD . As you can see, the of BC leg lies perfectly on the of the XA leg and also the of the BC legs lies perfectly on the of the XA leg.
As for trading this pattern, I would rather wait for the test of the reversal zones before deciding to take the trade or not, considering the price action in EURUSD is really right now.
Especially in this case, that EURUSD had a higher than 61.8 wick on top of the candles I wasn't surprised to see the 88.6% line.
In this setup we have an AB = 1.618 CD at which the price reacted well.
Thank you for your comment russeldaily.
I'll be happy for more discussion.
AB being 1.618 of CD is quite common in Elliott wave principle.
In this setup we were actually aiming for the higher degree correction that corrected the whole impulse.
Thank you for your interest.
Do you have a specific methodology for picking the fib pivots?
Would be interesting to know.
For fibs, first I do the Elliott Wave homework for the issue, then I spot a correction, then for each specific correction I do bunch of fib time and fib price to find areas of confluence.
The Elliott Analysis itself screens out bunch of fib ratios for me.
Most people trade price action and patterns without the EW component, but it's not my thing.
I mostly use what I learnt from Tim West, regarding bar chart reading, he has some of that stuff covered in his charts. :)
What do you think about this pair and usdchf during this week?