FullTimeTrader
Short

USDSGD-big correction started

FX_IDC:USDSGD   US DOLLAR / SINGAPORE DOLLAR
489 8 9
This setup is similar to the USDCAD             but here we have more reasons to think that the big decline is starting.

Looking at weekly chart we have:
snapshot

- 0.61 fib retracement from long term highs
- middle of channel acting as resistance
- divergence on AO shows that wave 5 is finishing
- wave relationship completed : wave 5=1.61 wave 1 (purple line)
- Strong level of S/R

On D1 chart we have a five impulse of lesser degree that appears to be complete with an ending diagonal for wave 5 blue (see below)

Bearish divergence on AO also suggest that wave 5 is finishing.

snapshot

Regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).

TAJ249
a year ago
Appreciate all the great analysis. Thanks.
Just wondered if you felt this alternative wave count could have any merit in that this could be end of wave 3 rather than 5.
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TAJ249
a year ago
snapshot

Sorry. Here's the chart (my first post on the website!)
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FullTimeTrader TAJ249
a year ago
Hello, i studied that count many times because some experienced ellioticians have it. After making a deep analysis using hurst cycles and fundamentals my main analysis is that this pair already reached a top. Regards.
Reply
TAJ249 FullTimeTrader
a year ago
You are probably right! Thanks for getting back to me.
Reply
ccake28
a year ago
Hi. brilliant analysis. Where is your target for this downmove?
Reply
ccake28
a year ago
Hi. brilliant analysis. Where is your target for this downmove?
Reply
FullTimeTrader ccake28
a year ago
Last target around 1.3180 (previous low). Regards.
Reply
ccake28 FullTimeTrader
a year ago
Thanks so much for your reply!
Reply
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