Week11: First impulse wave down complete, Correction in progress
The first impulse move to the down side is complete (wave 1 in circle) and now we should see a retracement (in 3 waves) to 1.11500 or 1.12 which is the 0.382 or 0.5 fibo retracement of wave 1 (in circle).
After that wave 3 should unfold and bring us closer to our target 1.02.
The red lines are support from previous lows and highs.
Lets look at some of the fibonacci relationships.
After we have looked at the Elliott waves and some fibonacci relationships lets take a look at the indicators (RSI, MACD, CCI, Stochastic (Settings 5-3-5)).
We have a divergence in all 4 of them.
Bigger picture
Monthly
On the monthly you can see a clear 5 waves move to the upside. A big triangle and the impulse move down as wave c in which we are currently.
Weekly
On the weekly I take a closer look at the triangle and wave C
Daily
Now lets examine the wave to the downside even more. You can see an extended wave 1 and the termination point of wave 3. You can also see the ABC-correction as wave 4 and beginning of wave 5.
After that wave 3 should unfold and bring us closer to our target 1.02.
The red lines are support from previous lows and highs.
Lets look at some of the fibonacci relationships.
- Wave 3 (in circle) reached more than 3.618 of wave 1 (in circle).
- Wave 4 (in cirle) retraced wave 3 (in circle) about 0.382 fibo.
- Wave (c) reached nearly 1.382 of wave (a)
- Wave 5 (in circle) reached 0.618 fibo extension of wave 1 through wave 3 added to the termination point of wave 4.
After we have looked at the Elliott waves and some fibonacci relationships lets take a look at the indicators (RSI, MACD, CCI, Stochastic (Settings 5-3-5)).
We have a divergence in all 4 of them.
Bigger picture
Monthly
On the monthly you can see a clear 5 waves move to the upside. A big triangle and the impulse move down as wave c in which we are currently.
Weekly
On the weekly I take a closer look at the triangle and wave C
Daily
Now lets examine the wave to the downside even more. You can see an extended wave 1 and the termination point of wave 3. You can also see the ABC-correction as wave 4 and beginning of wave 5.