FullTimeTrader
Short

USDSGD-big correction started

FX_IDC:USDSGD   U.S. Dollar / Singapore Dollar
493 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:

- 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.


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).

Hi. brilliant analysis. Where is your target for this downmove?
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Last target around 1.3180 (previous low). Regards.
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ccake28 FullTimeTrader
Thanks so much for your reply!
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Hi. brilliant analysis. Where is your target for this downmove?
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Sorry. Here's the chart (my first post on the website!)
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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
You are probably right! Thanks for getting back to me.
Reply
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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