Target is 50% retracement of the move down from 2.1XXX
Stop is below 113% retracement of the recent advance to 1.92XXX.
If stop loss taken you can still consider entering at 1.272 or 1.414.
Please due your due diligence,
The pair is in a down trend.
An ABC correction could well finish at the top of falling trend-line at about 129.80
A 0.786 fib extension of previous leg will also finish at 129.85.
Please share you thought, possibly with a chart.
Since the release of previous idea, linked below, on 11 April 2015, S&P500 has not been able to break across and close above the higher trend line, where at a time I put a question mark, and now seems to be heading to complete its natural cycle.
I expect a few weeks of consolidation, IF the index manages to close below the lower trend-line, before resuming its...
This trade idea combines
Wolfe Wave principles with EWP and Momentum indicator divergence and offers a high probability reversal zone, with great risk to rewards; Three profit target areas are introduced;
take the trade based on your due diligence;
Comments are welcomed, as ever;
Kind regards, Hamed
A note on an ongoing trade
Going to exit part of the trade which entered at the shown arrow, by completion of the Cypher pattern. Will enter long again after a 0.382-0.618 dip from 0.7405
The pattern has some interesting structure.
i) XA leg a complete 5-wave corrective wave
ii) B point is about 50% retracement of XA Leg
iii) BC leg is an exact 1.414 extension of...
The highlighted ellipse is cluster of following three;
1- Completion of Gartley
2- AB=CD pattern
3- Downward upper trend line (minor)
Hence 1.463 may be a level you should be watching closely if you are long this pair; I expect a decent pull-pack at this level, though.
Please let me know your thoughts,
Newcastle upon Tyne
03/Jun/2015 Wed h22:35 BST
I tried to summarize the conditions that should met for a harmonic pattern to be valid. I have did so for most of the patterns which I know, except for Shark, 5-0 and Three drive pattern.
Hope this help some of you; Any Question? Please ask under this thread.
Newcastle-upon Tyne, United Kingdom
02/06/2015 11:05 BST