melvinljw
Long

Long USDSGD, Elliot Waves

OANDA:USDSGD   U.S. Dollar / Singapore Dollar
Below picture is quite detailed on my counts.

First we have a 5 wave impulsive move to the upside, forming a leading diagonal . This is followed by a complex WXY, forming a ZZ- Expanded flat - 5 wave counter trend (3-3-5)

Wave 5 of 5 terminated near 1.305 as a truncated 5th wave. There we should expect the next move to be an impulsive 5 wave.

From here we zoom into the recent upward move from 1.305 as a 1st wave of a smaller degree. (I eliminated the possibility that wave 5 of 5 has not terminated at 1.305, due to the fact that the rise from 1.305 has surpass the 0.618% retracement level)

Currently we are in wave 2 of a smaller degree bullish upwards. Prices will have to hold above 1.314, as this is the 61.8% retrace of the recent up move from 1.305. Wave 2 seem to be an expanded flat.

Establishing long positions above 1.314, with stops below 1.305 seem to yield a very good RR.

If wave count is true, we should expect the 3/C wave of the larger degree to at least be equal to 1/A. This would lead us to a potential target zone of 1.511 - 1.535 region (almost a 2000pip upside)

Trade Idea,

Long at market : 1.317
Stop 1.304
Profit target 1 : 1.358
Profit target 2 : Open
Mar 09
Comment:
Zooming into the hourly chart
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