The impact of the FOMC was seen on the markets, with the dollar strengthening and XAUUSD , among others, dropping by $20,
Oil felt little effect: showing the lack of selling pressure and signalling time to tackle new highs.
Was wondering if this is a proprietary use of Elliott Wave ??
classic EW would label this an A-B-C because the the clearly
corrective and overlapping price action, especially after such a large trend -
in this case it has been down.
One of the dead give away's is the proportionality of wave 1-2 compared to 3-4
An impulsive wave would never have only 8 bars for 1-2 and then over 120 bars for wave 3-4
Anyway are you using proprietary or classic EW ?
thanks for your thoughts and wishing you a pocket full of pips !!!!!
I was looking at a 5-3-5 zigzag correction however I have attached a chart with a different wave A count.
Regardless, it seems 50.85 was the end of wave A and the strong bounce suggests 42.5 was the end of wave B.
Looking for a 5 wave movements up to complete wave C and lock in some nice profits :)