Sometimes Waves are so clean and so perfect,that you ask yourself maybe someone is f**king with you:).
Well that's the picture here with CHFJPY.
note that wave 5 could go to higher price.but as far as Elliott wave rules concerns we have our 5 wave and now we're looking for 3 wave (ABC) correction
If you were confused (like me) in past couple of months about this pair direction, Finally I've got some clarity in EUR/USD...
We are finishing the 5th wave in intermediate degree which is an ending diagonal. After that we are going to see a reversal which might take us to the 1.200 zone to make Cycle wave B...
so if you are long term trader you might...
Today I took this position as well. pretty good R&R.
I am looking for 5 wave to the upside to finish the wave (v) .
Note that there is an alternative count for this pair which is we already have the 5th wave near the top at 0.7295 and then have 3 wave declined from the top to form the Wave A and the next possible move is also to the upside to print wave...
I am sharing my trade on this one. I like the R&R ratio in this setup and I am looking for 5 wave decline to finish wave C ...
Suggested level for tp is around 0.9908 and I have put my SL couple pips above the 5th wave.
EURNZD – Daily
Based on this count, Wave A subdivided into 5 waves, then the whole corrective should be 5-3-5 pattern. That means we are now in primary wave B. Because minor wave A has 5 waves therefore, primary wave B also may unfold as 5-3-5 pattern.
Targets for end of primary wave B is around 1.7627.
On the 4H chart of EUR/SGD we are in the last wave of An Ending Diagonal, therefore when it's finished we should expect that price goes up ..
Corrective waves usually goes to vicinity of previous wave ( 4 ), which is 1.5732.
based on this count 5 wave sequence is finished therefore we should expect the correction waves unfold.
Wave 3 is around 1.78% of wave 1 and there is a Divergence on MACD in 1H chart between two recent highs...
Targets for Correction waves is near end of wave 4 which is around 0.9520 and 0.9486
Based on equality guideline when wave 3 is extended wave 1...
Short term view of EUR/AUD show that we are in the final wave of C, which should end near wave 4 ... There are two target which should be considered ... 1.5383( 2.618% projection of a-b) and 1.5243 ( 300% extension of a-b) ... Note that it's possible that wave iv still in progress, so make sure you consider fair R&R ratio before act on it...
Long above (d) wave of Triangle if your R&R ratio meets ... Wave B could be Irregular Flat which could go beyond wave A Then Come back Down ... Note that we are in the B Wave Correction That means Until wave B of the larger degree is finish the Upside movement is limited...