Hello friends, the market always surprises me when forms a beatiful piece of art.
This analysis is on monthly chart to have a best picture about what this pair is doing. But the price is very close to the key area and we can trade it on D1 chart.
I can see a five wave impulse 1-2-3-4-5 (red) The fifth wave (red) is unfolding as an expanding ending diagonal labeled 1-2-3-4-5 blue. The price is about to end the fifht wave (blue) near the trendline resistance (purple). After that according to EW theory we can expect a dramatic fall.
We can see also A PERFECT CONFLUENCE of the 0.61 fib retracement of the whole decline and the 0.61 fib expansion from the beginning of wave 1(red) to the end of wave 3(red).
I like the fib ratio relationships between waves, its another great tool from EW theory.
If this setup works we could catch the start of a huge long term decline.
The sell area would be around the 198.68 and 199.54 area.
Best regards
*****************DISCLAMER******************************************************************** This is just and idea, not a recommendation to buy or sell. Always do your own analysis before opening a trade. Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action. Any respectful and constructive ideas are welcome. We all are here to learn sharing ideas, have fun and improve our performance.
Comments
IvanLabrie
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A-B and then your impulse C up, correcting the large impulse down to the left.
Makes sense.
I have my time and price targets pointing to a top by September 28th.
This is the stuff my friend...we will get a killer short soon.
FullTimeTrader
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Very interesting time targets, i also think the 200 level is key. Right now im publishing a short term setup
Thelearner
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What do you think?
FullTimeTrader
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Hello, the internal subdivisions of this pair are not very clear. We could have 10 valid counts of very experienced ellioticians. In such cases i prefer to use fib relationships and divergence on oscillators. You can see it on my chart. Regards.
Makes sense.
I have my time and price targets pointing to a top by September 28th.
This is the stuff my friend...we will get a killer short soon.