I see this pair to be creating the elliott wave structure upwards. It appears to be making the fourth wave, and I have drawn the fourth wave down to the lowest possible point it could correct to. If price action passes the fourth wave marker then this count is incorrect. I also noticed that the Fibonacci retracement marks the 61.8% very close to where I drew the end of the fourth wave. If price action respects this, then you could look for a very nice buy entry with great risk to reward. Stops could go just below the top of the first wave as if it goes any lower then the count is incorrect. Take profit targets could go just below the top of the third (for safety) around the positive 78.6% retracement area. Any thoughts or pointers are appreciated. Thanks.
@Ian.Watts, yes definately, hopefully I can learn something from this! You think the 3rd wave I drew was too long?
EamesAnalysis
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I can see that you could have a shorter 3rd wave and the fifth could have come earlier, it may have also finished the abc then as well if that's the correct count. I couldn't decide which to draw so any advice or ideas is appreciated !
Ian.Watts
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@EamesAnalysis, that's what I drew 3rd fifth and ABC but I've only started looking at Elliott wave so should not really comment.
EamesAnalysis
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@Ian.Watts, No I appreciate it, comment what you think and that way we can both learn something! Where are you learning wave analysis from?
Ian.Watts
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@EamesAnalysis, youtube a guy called Shiva Krishnan. How about you?
EamesAnalysis
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@Ian.Watts, I'll check him out, I've been watching Anil Mangal, Vmanena and the Wave Trader. I got the wave principle book and the bloomberg trading waves book. See if you find any value in those and let me know how you get on!
Ian.Watts
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@EamesAnalysis, ok will do and thanks will keep an eye on this move of yours
Ian.Watts
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@Ian.Watts, i think i like Victor Manena better than the other 2
EamesAnalysis
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@Ian.Watts, Yeah he is good! What do you think of the wxyz patterns he displays?