EURUSD may be entering a strong rally through wave-iii-of-(iii), providing an opportunity to take a long position with a R/R of 9.36. The larger C-wave is an expected 5-wave impulse considering wave-A was also counted as 5 waves (5-3-5 zig-zag). Since a bullish 5-wave-(i) was corrected by a zig-zag decline and a price was rejected at the .786% retracement of (i), it is reasonable to consider this an indication that wave-iii has begun. Hoever, if wave-ii retraces deeper, and it may, the position will be stopped out and another long position can be taken at the next indication of bullish PA into iii. Target is placed at (A)=(C) with a SL below wave-ii.
Trade ist aktiv
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Kommentar
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Still bullish of course. Here is an updated wave count:
Hi glenn you are the trader who I am looking to follow
That is the right Elliott wave counting
thank you and good luck
glennmercer
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Thanks for the kind words - glad you found it useful
WaveAlchemy
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good stuff mate!
glennmercer
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Thanks Laurence!
Technician
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Great setup, with stop loss and targets.
imee_noni
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Dear Technician, when i saw this trade setup analysed by "glennmercer" i had a strong wish and expecting a comment from you.........so i found your comment.
It is really a very nice analysis with proper targets and stop out levels.
"glennmercer" very well analysed, good and keep your good work continue.
glennmercer
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Thank you I appreciate that, I will continue to share then!
glennmercer
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Thanks Tech, that means a lot coming from a legend
Technician
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wow, thats too much for me guys. Really embarrassed. I am thankfull
SSSDEV
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Dear Technician,
Do you foresee a bullish Eur/usd hitting 1.11 levels soon and Sell on rise theme for Eur/usd as the year 2016 progress Just a word from you, as I see 1.11 soon. I maybe right or wrong .I trade with nseindia.com as mentioned up the top.
That is the right Elliott wave counting
thank you and good luck