Idea is based on a combination of elliot wave theory and median line analysis. Bollinger bands are used to identify reversals and fake moves. The reasoning behind this technical analysis is shown on the chart along with specific target and stop loss. Good luck guys.
watching red dotted line if resistance can become support(there are perfect touches with esignal data feed), iam long here.
NQunlocked
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PERFECT, so both our approaches yield the same result...I am long as well!! good luck my friend!
itaskar
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same to you pal :)
ForceFollower
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Hamza, regarding the EW rules, what about that wave iv not overlapping with wave ii? :)
NQunlocked
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What do you mean Piotr? It is not right? It could be that it is a bit more to the right but there is no high retracement until wave iv right?
NQunlocked
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sorry I mean retracement all the way up to wave ii
NQunlocked
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NQunlocked
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ForceFollower
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I'm not saying your study is wrong. I was only referring to the rule #3: "Wave 4 does not overlap with the price territory of wave 1, except in the rare case of a diagonal triangle." So maybe these are corrective waves?