The analysis is as follows:
Currently, we are in the wave five of a primary impulse wave.
What makes me believe this idea, is that there is clear alternation in the waves 2 and 4. Wave 2 is a short and deep zigzag, whereas wave 4 is a long and shallow triangle.
The wave 3 is CLEARLY extended, and this is obvious from its very shallow corrective waves, and its...
The case is as follows.
The greater trend appears to be toward the upside.
Assuming my elliott wave is correct, we are currently in the 5th wave of the higher trend.
Evidence for this is as follows:
There has been a clear wave 1-2-3 developement.
Wave one was followed by deep and short zigzag.
Following the zigzag downwards, we see a clear, extened wave 3....
The case is evident from the chart.
Similar to my EurUSD chart, we are in the middle of the wave 3, of the wave 5, of the greater trend.
My reasoning behind this is stated below:
1: A very clear extended third wave can be seen.
All of the rules and guidelines for an impulse wave have been followed.
2 does not retrace beyond the start of 1
3 is not the shortest...
