Quote:
Originally Posted by EZCashDreams
Hello
I just wanted to toss out one more option for the USD/CAD discussion.
I labeled the wave 4 correction as a combination with a triangle as "Y" based on what I see in the EWP Book page 53.
On the charts post I think what is labeled as "A" is a 3-3-5 so I labeled it "W". What is labeled "B" I see as a 5-3-5 so I labeled it "X" and then the Triangle that has played out over the last two days as "Y".
I have one labeled in blue and says the triangle is complete and we are working on the 5 Waves up for wave 5. The other is in Red and says we need to complete wave e down yet before the 5 up.
One question I do have is that the books says when e is complete it should thrust out of the triangle and extend the length of the widest part of the triangle. Is the thrust for the start of wave 1 or from the trendline break.
If it is from the start of wave 1 and the triangle is finished then we would have a truncated wave 5. If it is from the break out point then my target would be 1.1475.
Thanks and Comments welcome.
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Hey EZ,
From a triangle perspective, your blue count would have the A-C line violated and invalidate that as a potential triangle count. The red count with Y ending in the 1250 range looks like a good count to me. Looks like we either go straight up from here, or one more bout of weakness as per your red count, and then up.
