EURUSD 1D Elliot, Trend lines, S&R. SHORT, as i see the price is making wave "(v)" and "A" to around TP 1.15 once it gets there i expect a correction to wave "B" around 1.17 and then wave "C" to TP 1.13 You may see my 1W analysis below
hello, great analysis but i have a question for you if you may.
The corrective wave iv inside wave A retraces into the area of wave i, isnt this a violation of the 5 wave motive move ?
victormcastanonc
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@anasomar, It does a little, however some authors say that highly leverage markets as FOREX is, may have this situation. For me since the overlapping occurs with only tales and not with candle bodies the analysis is still valid. I know some people disagree on this point and i respect that.
victormcastanonc
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@anasomar, Check above, that may be the right analysis
-Jong
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I think that the wave count in the main chart is wrong, especialy W3 looks 'strange'…, isn't counted well is my feeling.
victormcastanonc
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@-Jong, I guess you may be right, anyway for me to considered the Wave 3 the way i do is because at it's pick it has a divergence against wave 5 in the MACD as for the waves (1) to (v) i might consider moving the wave (3) to 1.1450 but anyway i don´t think that is relevant. Thanks for your comment
TimStuyts
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victormcastanonc
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@TimStuyts, i agree this may be the right analysis, maybe i got so much thinking in the Head&Shoulders ratio i actually tried to make my analysis to fit that scenario, i'll be taking a close look to see how it evolves. THANKS
victormcastanonc
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@TimStuyts, this is how i got it on September, looks more like your analysis
The corrective wave iv inside wave A retraces into the area of wave i, isnt this a violation of the 5 wave motive move ?