Important Note: We are currently at the 0.618 fib of the Impulse Wave series from 0.46 - 0.96.
The breach of the ascending trend-line that was forming the bottom of both an Ascending Triangle and a much larger Pennant was breached yesterday and as proposed in my analysis yesterday 0.64 was tested again. The orange dashed line in the chart is the (P+S1)/2. In my experience the mid-points of Monthly Pivot points can be just as important as the Pivot Points themselves, which is proving to be true here. There was also significant reaction to this level during Wave 2 of the Impulse series to 0.96 back in mid-April.
I plotted a Minor Elliot Wave here for reference. In general, Wave 5 does not exceed Wave 3. A break of the last low at 0.632 I believe would open the door to 0.53-0.55. Following this there should be an ABC correction wave, which could go as high as ~0.70, the 0.618 fib of this Minor series. Of course, this could also be a double bottom with firm support being established at 0.64-0.65 before a reversal back to 0.90+.
The breach of the ascending trend-line that was forming the bottom of both an Ascending Triangle and a much larger Pennant was breached yesterday and as proposed in my analysis yesterday 0.64 was tested again. The orange dashed line in the chart is the (P+S1)/2. In my experience the mid-points of Monthly Pivot points can be just as important as the Pivot Points themselves, which is proving to be true here. There was also significant reaction to this level during Wave 2 of the Impulse series to 0.96 back in mid-April.
I plotted a Minor Elliot Wave here for reference. In general, Wave 5 does not exceed Wave 3. A break of the last low at 0.632 I believe would open the door to 0.53-0.55. Following this there should be an ABC correction wave, which could go as high as ~0.70, the 0.618 fib of this Minor series. Of course, this could also be a double bottom with firm support being established at 0.64-0.65 before a reversal back to 0.90+.
