The market is more clear now. We should see a low between .8150 and .8080 to complete the triple three sideways move.
Equal legs for Z comes in near .8130. Stops should be placed below the december low.
Alt. scenario is if wave Z is doing a YXW or YXWZ move and takes out .8080 before higher.
Comments
traderWgun
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This last declince unfolded in an impulsive matter and the alt. flat idea is the most plasuible now.
Should see .79 before a chance for a turn higher
dojitrader
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This was my idea from yesterday.
tradingview.com/v/qQdxTpMv/ Perhaps you can refresh my memory: Is it true that triangles can
only occur in 4th waves, B waves, X waves and I guess you could
say Ending diagonals ?
As always your thoughts of my labels are most welcome !!!
traderWgun
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thx for the feedback. There is diffrent view. some schooler are conservative and others are more libral.
My rules is that triangles can appear in wave 2 (very rare), wave 4, wave B and in double or triple threes.
But the thing is that many (if not most) agree that a wave Y triangle is not allowed in triple three.
and that would make my count incorrect.
The problem is that triple threes are so rare and vary so much that all the rules should be taking
with a big pinch of salt IMHO.
The alternative count would suggest a flat (just like your count)
and not too unlikley, but ATM I don't like so much more downside for the AUD, NZD and CAD
and when I looking at those pair I can't but see that we should see a significent recovery
in the coming weeks.So even if the alt. view is correct, don't expect too much downside.
But I have been wrong before and will be wrong again :) Good luck!
ALT. VIEW
ForceFollower
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"But I have been wrong before and will be wrong again" - well put. I have to memorize it. :-)
traderWgun
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wave Z could be an ending diagonal
traderWgun
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#NZDUSD evening star in the making, could be the bottom. I'm long no2.
ForceFollower
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It's so choppy, a complex correction. I lose my train of thought, when trying to call such waves. Trend traders will stay away from it, or... bleed.
traderWgun
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Well after choppiness comes strong trend. Also looking at the audusd one can see it coming near some important levels as the weekly RSI is showing divergence. I suscpect all FX commodities will turn higher soon. Good luck.
Should see .79 before a chance for a turn higher