Current in scope Elliott Wave Impulse Waves 1 to 5. Currently within the Corrective Wave.
Used Trend Based Fib Extension Tool to determine the bottom retracement levels of the Corrective Wave A, drawing from 1st High to Low to 2nd High on a 90 minute time frame.
- 1st Highs drawn from Wave 5 high.
- The low being 22,750 and yet to understand why that level at...
I mentioned exact entries on buys on this pair more than once. It is only coming off the 1.236 extension, however it did a small 5 wave with an ending diagonal. There is divergence and it has been over extending for a bit. My point is this.... There is potential for a deep retrace (big sell). There is also potential for a wave 4 correction (23-38% last wave) and...
Gcad showed some price action showing potential reversal for retracement. It did pull back in a small 3 wave rejecting the fib level. But since then has been making a 7 swing wxy that measures out to break trend line and reverse, which is very typical. TDI shows it be in a sell on the 1 and 4hr charts, but daily looks like more room up to me. Just understand you...
There is some NZD and AUD news drivers this week. Forgive the messy chart. But NZD/CHF measures and counts out to be doing a large 7 swing structure going down. I posted the 4 hr yesterday I believe (I will post another close up look). We got a small correction up that seemed to be correcting itself down running into my 50% weekly pitchfork line, and a w-x-y...
Silver has done 7 swing upon 7 swing. Oversold on weekly. Over extended on Monthly TDI. Already turned up on Daily TDI. There is potential for a very large trade to the upside if it were to do a larger 7 swing on the larger scale. We can get more downside before the LARGE upside move, but we are at a major fibonacci and pattern confluent supply zone. Hard for me...
This is what is making me not so overly hot about the Eur/Aud sell, at least in any long term. GA looks like it needs to pull up. Best thing to do is wait and get in on a 1hr flag, but it looks like it will at least be creating more of this smaller corrective structure with the possibility of going up much more pattern wise. It can extend down more in this...
