As you can see I believe the low of this past week was the end of wave 3 and that wave A of the correction lasted the duration of Friday, now I'm waiting for wave B to complete in the 61.8% Fibonacci retracement of A (around 1.25000) where I will take two trades:
1. in the belief that wave B will not travel further than 61.8% of A and ends in wave C terminating at 38.2% of wave 3 and
* 2. in the belief that if wave B travels further than 61.8% of A, I have a stop loss to take this into consideration and to increase the risk-to-reward ratio placing our take profit where wave C terminates at 50% of wave 3 (Around 1.27500) then moving the stop loss once it has reached 38.2% of wave 3
Please feel free to share your opinion and ideas (with regards to Elliot waves)
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Wave (a) of B complete
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Wave (b) of B complete, wave (c) near completion
Trade active
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I believe wave (c) ended at the 50% fib around 2500, I am long from 1.2520
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I was a bit early but trades is running well
Trade closed manually
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Trade closed at 1.25400, rules were violated indicating further downside
i think its have already completed the (c) the you are looking for, the wave labelled (a) that's actually the (c) , check carefully, now its actually completing wave 5 as you have labelled down there, do not expect wave (b) or impulse (b) at 61.8 of febo
expect wave (5) below wave (4) in short it is safe to sell than buying , check your analysis again before committing
Teekay_fx
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@lluckymdu, Please do share a wave count in the lower time frames that support your opinion.
expect wave (5) below wave (4) in short it is safe to sell than buying , check your analysis again before committing