On the Weekly, price in a Zigzag. Heading downward to (C) at -0.209101. But first, on the Daily, it must hit the 1.618 extension of the 1-2 Move on the (C) leg. This ends up at 0.115663 for short a term target.
(DISCLAIMER, this is for educational purposes. Trade at your own risk.)
(These posts are intended to keep Elliot Wave alive since everyone and their grandmother only does Supply/Demand nowadays.)
Hi....Thanks for sharing the idea....What is the final target price at (C) ? it's not clear for me...I can see you mentioned price will be eventually "minus" 0.2.....How can price be minus...? sorry if my question look dumb...but its unclear for me....Thanks bro
wherertwhales
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great recognition of Elliot pattern, you hit the jar for now, ecxactly on 0.1161. btw why did you use 1.6 fib ext, not 1.0?
Maule
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@wherertwhales, We are in the B-C (White) move of a Zig-Zag. Wave C is always a 5 Wave. As per the rules of Elliot Wave. The 3rd Wave cannot be the shortest and It is generally equal to 1.618 of Wave 1. The only time You get a 1 to 1 ratio where Wave 1 and 3 are equal to 1 to 1 is when Wave 5 is the Longest Wave.