TradebyRik

TradebyRik Updated 

As per my EW count, we are in the 5th wave of highest degree in the Monthly/Weekly TF. The 5th wave is subdivided into 5 waves of which we are in 3rd wave. The 3rd wave is about to competed by prices falling down to form the 5th of this 3rd wave.

TradebyRik

I think the corrective wave ABC is over and together with nice looking possibility of a CYPHER formation, EU can go all the way to the bottom.

TradebyRik

PERFECT CYPHER FORMED, WITH NICE ELLIOT WAVE COUNTS. LOOKING FOR BIG 3RD WAVE MOVE UP

TradebyRik

My wave labelling on how i see it as 3 wave abc

TradebyRik

Prices looking to make 3 wave ABC downward move to complete the B wave and then to the upside for WAVE C. Can sell to the FIB level and then buy.

TradebyRik

I will keep changing the 5 wave counts of each subdivision as the wave 3 progresses up.

TradebyRik

AS per my EW wave count we are making the 3rd wave of the 5-wave C.

TradebyRik

This is an updated wave count contrary to the earlier post .

TradebyRik

AUDUSD seems to have bottomed at 78.6% FIB level of Wave Y. Starting of probable wave Z.

TradebyRik

EW count shows the story. Arrow points to the turning points at FIB levels. Just my way of looking.

TradebyRik

As per EW theory on channelling, the Corrective wave IV has a zig-zag pattern being formed has a c leg remaining to touch the upper TL thus completing wave IV. This will follow the Wave V upto the lower TL which is just about same length as Wave 1 (EW theory of equality).

TradebyRik

Does it make sense?