By my wave count, the next move could be a wave (iii) impulse wave up. The previous corrective wave 4 may have already finished and the wave (iii) may have already started with the wave (i) already completed and the wave (ii) just about to complete.
You could take this trade with relatively low-risk as the stops would go below where I have the wave (i) beginning as a wave (ii) cannot go below the start of the wave (i) or else the wave count would be wrong. The upside that is possible in this pair is well worth the risk.
Currently, prices are sitting on the upper TL of a former broken ExD. That TL may be providing support.
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Kommentar
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Post-BoJ, this pair dropped in a continuation of the corrective move lower forming and now completing this ExD. When it completes the leg E probably around 102, this correction should end. When it does, the next move must be an impulse wave up. That impulse wave up could be a wave (3). Worth waiting for....
I have this as wave v of (v) of C which targets the 97-95 before a bottom in either the B wave or 2....B is my leaning, either way there's a lot of upside longer term but with the channel at 107-108 holding strong this trend isn't done imo
EverythingForex
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Quite possible. That is another more bearish count. But I prefer to err on the side of having the higher possibility of catching the next impulse wave. Regardless of the count though, price action will tell me when and where to BUY this. I do agree there is MUCH upside to come!
abadi636
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thank you for your work but wave 2 never be tringle
EverythingForex
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that is not a triangle but a diagonal. there is no rule stating that wave 2 cannot be a diagonal much less an expanded diagonal. In fact, Elliott does not even recognize the existence of expanded diagonals. If you read the original Frost & Prechter's "Elliott Wave Principle" carefully, you'll find that there is no mention of any "expanding diagonal" so therefore, there isn't any rules regarding it. The latest update of "Elliott Wave Principle" did make mention of "expanded diagonals" BUT it calls it an "extremely rare" phenomenon. Now we KNOW that is not true and that expanded diagonals DO exist and in fact, occur frequently. For me, I've never called myself an "Elliotician" although I know wave counting very well. A horse is a horse is a horse. So if I see it as an expanded diagonal, then that is what it is. And I count it that way. Expanded diagonals are normally counter trend corrections. So they appear in corrections. Ending expanded diagonals appear in the ending wave 5's of impulse waves or in wave C's. More rare are leading expanding diagonals.
But if that explanation does not suit you, you can just count it as an abc or an wxy or whatever you want to call it. For me, it does not matter what you call it as long as the end result is that the wave count you have puts you in the right side of the trade or keeps you out of the wrong side.
EverythingForex
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that is not a triangle but a diagonal. there is no rule stating that wave 2 cannot be a diagonal much less an expanded diagonal. In fact, Elliott does not even recognize the existence of expanded diagonals. If you read the original Frost & Prechter's "Elliott Wave Principle" carefully, you'll find that there is no mention of any "expanding diagonal" so therefore, there isn't any rules regarding it. The latest update of "Elliott Wave Principle" did make mention of "expanded diagonals" BUT it calls it an "extremely rare" phenomenon. Now we KNOW that is not true and that expanded diagonals DO exist and in fact, occur frequently. For me, I've never called myself an "Elliotician" although I know wave counting very well. A horse is a horse is a horse. So if I see it as an expanded diagonal, then that is what it is. And I count it that way. Expanded diagonals are normally counter trend corrections. So they appear in corrections. Ending expanded diagonals appear in the ending wave 5's of impulse waves or in wave C's. More rare are leading expanding diagonals.
But if that explanation does not suit you, you can just count it as an abc or an wxy or whatever you want to call it. For me, it does not matter what you call it as long as the end result is that the wave count you have puts you in the right side of the trade or keeps you out of the wrong side.