A bullish cypher with the D-point a long way down. The vertical lines are measured moves calculated from the green TLs. The Fib extension from the first of July high via W-X suggests an end point for the Y-leg.
The 0.618 retracement of the non-harmonic Gartley (in blue) lines up nicely with the 0.618 of AB=CD (in green). The triangle suggests that we are in the midst of an A-B-C within the C-D leg of the Gartley. A TP calculated from the triangle has already been hit, however, there is the expectation that wave-C ought to contain five waves, either as an impulse wave or...
A scenario for the dollar where there is a PRZ derived from the retracing of X-A, a projection from A-B, as well as the extension from A-B-C. These are the circled levels. I'm speculating that an extended fifth wave may carry the market higher past the zone of resistance around 82.33-82.52 to complete the harmonic bat around ~83.5. I would look to go long if we...
That drop came out of the blue! Be careful out there. I've revised the count according to the new circumstances.
There seems to be a clear five-wave decline which could be part of a larger zigzag. The B-wave would reach a 0.618 extension at 0.85317 very near to the extreme of wave-4 at 0.8534. An area to keep an eye on for a potential short.
Copper seems to have bounced at a point of significant confluence. There is the lower parallel of the rising Schiff median line, the Fibonacci 1.618 falling extension, and there is something reasonably close to a harmonic bat.
If price holds above 1.79724 that would suggest that we're heading for the completion of by the corrective z-wave, which I've drawn at about the level of the 0.618 retracement of the January high. is an A=C extension which would need to be recalculated if the -wave is already complete at y.
The red I-II-i-ii-1 sequence could alternatively be the leading diagonal of a bearish impulse wave.
Anytime about now would should be good for a short with a SL 0.79795.
The price action is very corrective in character meaning that we're still waiting for wave-II to have done with, which could conceivably be in the region of 0.794, or by breaking out below 0.79033.
I've tried to do a detailed wave count of the last swing which suggests that we could still be expecting to see waves iii-v of the last larger wave of the current swing. See the link below for the bigger picture.
A big picture view of possibilities. The analysis shows a wave count in purple that suggests that the EURGBP may yet be in the midst of a very large flat correction, and that wave- of may be unfolding. Wave- started in this analysis with a leading diagonal, the fifth wave of which is an ending diagonal. An alternative count is shown in red which suggests that...
The AUDUSD seems to be in an Ending Diagonal working on v of 5 of V.