FX_IDC:USDBRL   US DOLLAR / BRAZILIAN REAL
22 2 3
USDBRL             is oversolding near blue support .
It is retracing on it , as wave-4 or as alternative count wave-B
Cluster : (c) = (a) and 0,618

If "1-2-3-4" count , expecting bullish wave-5.Buy between 3,53 to 3,52. SL under 3,5 . TP at least top of wave-3.
If "A-B" count , price may retrace more as it can be bullish wave-C from here.
I think that low liquidity will make it impossible to accurately use EW on this instrument.
Refer to these: http://www.neowave.com/audiointerviews/20121219b/transcript.pdf / https://www.neowave.com/audiointerviews/20141013/transcript.pdf

"First of all, I picked the markets that I
have Euro currency, Gold and T-Notes and the S&P because they’re all vastly
different from each other and pretty much the largest market in the area that
they’re in."
(...)
"There’s no reason to follow silver because it’s a lot smaller than the gold
market, and it’s somewhat similar."
(...)
"I probably wouldn’t be able to have any Wave theory-based analysis on
crude oil because it’s not likely to follow Wave theory well. It’s a consumable
item that’s brought out of the ground, processed, consumed, and then it
disappears.
For Wave theory to work, it’s important that you have something that has a
perpetual life and is more based on the opinions and feelings of people, not
based on supply and demand."
Reply
paulselvan
a year ago
Naturally,there is lack of liquidity compared with eurusd.
New concepts : "opinion and feelings" vs "supply and demand" .
Thanks for sharing...
+1 Reply
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