The March ’08 advance is labeled as a corrective upswing, a Zig-Zag pattern. Using Fib-price ratio model for this pattern combined with internal price measurements, we have three fib-price ratios converging, heightening the probability that the five-wave sequence (i)-(v) has ended within the last C-wave (circle) of the corrective Zig-Zag pattern indicating the ...
Currency pair EURUSD approaching to very strong support build by Zig-zag formation and strategy fts, so cluster Fibonacci levels 161,8% and 61,8%.
Besides in this level is formation well known from classic technical analysis named head and shoulders
This looks like a completed five wave structure to me. Now we should see something like an Zig-Zag to the 0.618 fib level and this big resistance line. Also there is a bullish divergence on the RSI. If you are trading this, you could set you stop-loss under the support line.
With a double bottom both at Circle fibs and Margin market, still spot didn't cross the 4H MA, by crossing it, rocket will fly ! On the other side there is a very close support to look for as market could still go another trap !
Circle green dashed curve is the support to monitor, with MA also on chart !
If you like my charts show some sort of support please ?
I bet my money on further price declines as I believe we are seeing a zigzag correction unfold. I project its wave B to reach a maximum of 50% of wave A because the latter was rather steep and, as Alexander Elder has wisely put it, "a man who's fallen from the second floor will not walk again for a while." That being said, I'm also conservative as to how far wave ...
The previous post is getting too long, so I am starting a new post here.
A solid close below 112.042 (the end of wave iv of (c)) would suggest wave (c) has completed.
Alternatively, break above 113.176 would argue something else has been developing.
The moves look pretty messy but i believe eurusd will fall for another leg down to finish the current sequence
Divergence is present on lower timeframes and the wave count suggests another leg down before a bullish breakout
The bearish leg can be bigger but im setting usual targets for a normal C wave.
The decline from the Feb.’18 high of 1.2555 is identified as a counter-trend pattern (a)-(b)-(c) that ended primary wave 1(circle) from the early Jan.’17 rally. Since then, prices dropped rapidly to the late Aug.’18 low of 1.1301 whilst unfolding into a five-wave expanding-impulse pattern (a). Evidence of a five-wave impulse is usually enough to confirm ...
Guppy EMA produced a bullish signal which could be an early indication of wave (3) rally is under way
Note wave C of (2) stopped at $34.8 which is near the end of wave 4 of (1) & also close to 61.8% Fib level
Alternatively, the existing A-B-C decline only represents sub wave A(or W) of the larger degree wave (2)
It simply looks like a 3-waves correction (green a-b-c) after the initial impulsive rally (red wave 1 or a) .
The short -term bullish target could be re-test the red wave a high at 0.73818, the stop could be 1 pip below the previous low at 0.72025.
If we are lucky, this could be a wave 3 rally instead of c.