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).
Comments
ccake28
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Hi. brilliant analysis. Where is your target for this downmove?
FullTimeTrader
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Last target around 1.3180 (previous low). Regards.
ccake28
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Thanks so much for your reply!
ccake28
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Hi. brilliant analysis. Where is your target for this downmove?
UnknownUnicorn251843
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Sorry. Here's the chart (my first post on the website!)
FullTimeTrader
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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.
UnknownUnicorn251843
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You are probably right! Thanks for getting back to me.
UnknownUnicorn251843
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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.