Long
WAVES/USD Elliott Wave count
A perfect example of a leading diagonal.
This type of pattern is formed in the current conditions of the market when the buyers still do not have a great confidence, thus forming wave 1 of a higher degree in the Elliott Wave structure.
I will present the Fibonacci relations from such a pattern:
Wave 2 corrects in the area 0.768 of the Fibonacci retracement of wave 1;
Wave 3 rises to the area of the Fibonacci projection 0.768 of waves 1 and 2;
Wave 4 corrects in the area 0.768 of the Fibonacci retracement of wave 3;
Wave 5 could rise in the area of the Fibonacci projection 0.768 of waves 3 and 4; (Sometimes wave 5 can be truncated and shorter than the area where wave 3 ended).
So you can trade a long position up to the Fibonacci projection area of 0.768 of waves 3 and 4. After that you can also play short on the correction of wave 2 of higher degree. Success!
Like and subscribe if you like my analysis!
Also I will kepp do updates on the waves/usd because I like to trade it!
This type of pattern is formed in the current conditions of the market when the buyers still do not have a great confidence, thus forming wave 1 of a higher degree in the Elliott Wave structure.
I will present the Fibonacci relations from such a pattern:
Wave 2 corrects in the area 0.768 of the Fibonacci retracement of wave 1;
Wave 3 rises to the area of the Fibonacci projection 0.768 of waves 1 and 2;
Wave 4 corrects in the area 0.768 of the Fibonacci retracement of wave 3;
Wave 5 could rise in the area of the Fibonacci projection 0.768 of waves 3 and 4; (Sometimes wave 5 can be truncated and shorter than the area where wave 3 ended).
So you can trade a long position up to the Fibonacci projection area of 0.768 of waves 3 and 4. After that you can also play short on the correction of wave 2 of higher degree. Success!
Like and subscribe if you like my analysis!
Also I will kepp do updates on the waves/usd because I like to trade it!
Note
Note
Zizag with wave B triangle for 5th wave from the leading diagonal
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Update for triangle wa1t to breakout the bd trend resistance line
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and I think it will be a truncated 5th wave ending in the middle of the channel
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No triangle an wave 1 from C wave leading diagonal now a 2nd wave a flat, maybe running flat
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Take care also this may be a running triangle 4th wave.
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What is the right way of this chopyy market? We will see soon...
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.