Im trying to catch an Eliott Impulse, we can se the first wave been completed (areas 1 and 2 of the Eliott Impulse), right now its going for the third point of the impulse, then it has to retrace to 0.618 level of the fibonacci where the fourth point of the Impulse will be completed ( areas 1 and 4 of the Eliott Impulse has to reach the same area). So now we are looking for a long short (4 to impulse 5), you measure the first wave and you multiply 1.618 to measure the third wave. Look left structure leaves clues, we can see even the areas where the third wave ends was a previous support
Comment:
M15 - We can see a pullback been completed. I used fibonacci to measure the impulse, I placed 0.236 of the fibo right below the pullback and we can see it retrace to 0.618 of the fibo and dropped, you could of traded it with a sell limit at 0.618 or even a sell stop at 0.236 and TP at the -0.27 where the third point of the Eliott Impulse will be completed.
Comment:
We can see USDJPY got more complicated, we got an ABC pattern, I used fibonacci to trade ABCs, 0.236 retracement right below pattern, first TP was -0.27 and second TP -0.618 (previous support). Eliott was completed and started consolidating after point 5
Comment:
Wave Analysis
Comment:
Wave Analysis