I had a simialr view...now not so sure about the wave count.
Gorbie
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it's not a waves count, but sequences count. The Market moves in sequences which is either impulsive or corrective. Impulsive waves move in a sequence of 5, 9, 13 while corrective waves move in a sequence of 3, 7, 11.
IvanLabrie
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I see, well, to me your 6-7 is actually the start of a new downtrend, and we should see a similar or even larger move down, of similar speed start now.
Gorbie
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After impulsive sequence "V" we got 7 corrective sequences. If we'll have more downtrend to end of corrective sequences 3-7-11, then before should see the sequence "8", at least. Besides, on monthly timeframe the RSI, CCI and ATR are showing the turn to new sequence. Price action moves to 1.14—1.20 area, in my humble opinion.
IvanLabrie
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I understand your logic, cool.
Despite that I disagree based on my findings.
You shall buy my stops or viceversa soon :p
Good luck!
Ozayevable
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im hoping we`ll see the parity and THEN rally
Gorbie
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There are four psychological states of emotions that drive most individual decisions making in any market in the world:
1) greed, 2) fear, 3) HOPE, 4) regret.
Hope may be the most dangerous of all human emotions when it comes to trading. Hope is what keeps a trader in a losing trade after it has hit the stop.
Trading with discipline is the key to success in trading. A disciplined approach helps you avoid getting caught up in the EMOTIONS of day trading that often lead to unplanned, risky and devastating moves.