3 wave pattern
Two patterns completed, 3 joining wave patterns completed. Making the next wave either a 3 wave or a 5 wave.
It traded to a retracement zone of 0.5% which is the point of entry in a corrective pattern for some of us
Currently, futures short covering is an extra condition to go long,
1. The pattern is highly likely to be a corrective (3) WAVE pattern to the downside ((W-X-Y))
2. The internal structure of the monthly timeframe (Weekly) has an ABC with a (3-3-5) pattern making this point ((W)) of the monthly time-frame.
1. The internal structure on the Daily timeframe forms a 5 WAVE impulse move,3...
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Daily 5 Impulse wave up completed. Currently in a 3 wave corrective move down on the Daily timeframe.
Wave currently trading likely to be a (3-3-3-3-3) hourly move down in the same manner that wave A moved.
Wave c termination likely to be 147.830 which is 0.38 retracement zone and 145.214 which is 0.5 retracement zone
Macro currency view and Elliot wave pattern.
What currently could be a long-term impulse move or a corrective with a 5 wave internal structure. Wave 3 is an extended not likely to pass my current target.
Stong retail data from July. ( PROJECTING TO BEAT EARNING S)
Technical leading diagonal wave 1 retracement of 0.5% hence making it wave 2 (Internal structure 5-3-5)
Currently a strong wave 3 to the upside.
The clean wave count from the monthly timeframe,
Currently on a weekly retracement which happens to be a 3 wave triangle (ABCDE)
Daily wave internal structure 4 HOUR ABC
4 HOUR ABC = Impluse 5 wave hourly, a 3 wave correction, and a final 5 wave impulse move.
Elliot wave counts, Indication that wave 3 weekly is complete is done.
Earnings on Monday -- At the start of wave 4 (Correction wave), My projection is that it will either be flat or a triangle.
-- Could also be the best time to position a long-term trade based. Because a 5 WAVE (Weekly) Impulse move to the upside...