Last night and into the early hours, I was updating myself with some of the most esteemed analyst's I know.
Most fore-saw another wave up but the target levels varied.
My RSI's were issuing indications of either "not convinced" or "its going to be sizable" depending upon how I interpreted it.
I counted 5 waves in C5 and took some heavy-weight short positions working on the premise that it was either complete or close to complete, or, that it was simply wave 1 of C5.
This morning shows that the "not convinced" indicators were the ones to observe and trade by.
The below charts show:
1) That price action re-tested T2 @ 1.3012
2) Massive divergence on the 1 hr chart between last nights re-test and the RSI peaks of then and those of the 15th July.
My view remains the same in that Wave C is therefore now complete.
It remains also that we see either:
1) A sizable correction prior to another 3 waves up
or
2) An equal or deeper low year-to-date
There is insuffiecient data to establish target levels as yet apart of Fibo retraction levels from the year low to this mornings peak, however, these shall become known in due course and one would expect that later today or tomorrow morning should provide a solid indication to which of the above two scenario's shall become manifest.
Best,
Colly
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Attaching 1 & 3 hr charts
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Nice hrly divergence. The drop below 2870 makes the rise from 2870 a 3-wvr I believe, possibly w(b) of EF and this drop is possibly a w(c), targeting 2838. Looks like five waves are completed on the 15min. If wC@1.3ish is complete, then I'd target 23.6 minimum@2804ish.
A-Yoooooooooo
Go ahead switch the style up' And if they hate then let them hate and watch the money pile up.'
Nice hrly divergence. The drop below 2870 makes the rise from 2870 a 3-wvr I believe, possibly w(b) of EF and this drop is possibly a w(c), targeting 2838. Looks like five waves are completed on the 15min. If wC@1.3ish is complete, then I'd target 23.6 minimum@2804ish.
A-Yoooooooooo
Wow !!
Firstly of course, Good Morning
Well we are in tune arn't we
I was just looking at the same thing in that this mornings peak isn't w5 but b.
To elaborate, last weeks peak was then the end of C followed by a to 1.2870 and then b and now into c.
If that is so then I have sufficient co-ordinates to determine the Fibo Expansion Targets and this I shall do now....
T1 = 1.2943 ( passed )
T2 = 1.2891 ( passed )
T3 = 1.2806
T4 = 1.2670
I have 23.6 Fibo Retraction @ 1.2760 however.
On balance, T3 seem our mutual area anyway and that I would presume to be most likely wave 1 of 1 of 5.
Thank you for the charts I do appreciate it. But I have a question if you don't mind me asking.
I see your point, but I also see Fib lines as manually drawn and up to the drawers interpretation, therefore imperfect and somewhat unreliable. Not to say that anything is good or bad about that, but only to say in my opinion, it seems to me as unreliable, charts (not indicators) always tell the truth. But this is why we love the game, yes?
That's not actually my question, my question is this:
Just looking at the chart you posted, what do you see or predict?
I see your FIB lines, but I'm looking at your chart which I think is better then mine. Anyway, with what the Euro has done for weeks now, I can't help but wonder if it won't continue doing exactly the same in coming weeks. I see the indicators are all saying no, but this particular currency pair keeps saying yes. Maybe it all comes down to the time frame, as with most things in life, timing is everything.
I'm in and out of the Euro, I do my best to ride the wave. But I'm long for the long run in the Euro until I have reason to believe otherwise.
Thanks KUTERO,
t3t4
Hey t3t4,
'Just looking at the chart you posted, what do you see or predict?' Well I know some or most folk can not interpret EW but my post to Stryke, listed four different scenarios, two bullish and two bearish. Not taking into consideration that 5 waves was complete, I informed Stryke that we maybe in a 'expanded flat' scenario, gave him the levels to anticipate a failure. Most EW folk look at charts differently than others because we see 5s, 3s which can be used to easily determine(forecast) the direction of price. For the most part we draw up 3-5 different probabilities, as I originally presented to Stryke, and validate the counts as prices moves. Oh my, as we speak price has bounced off of 2838, more than likely its a short term rally, or is it? Same question you posted but in relation to FIBs. If your not using FIBs or can't acknowledge that ALL, I mean ALL, support and resistance has a fibonacci relationship with price, then no one can answer your question about chart prediction(forecasting). 'FIBs unreliable', yikes!!! That's scary to me, matter of fact, that's horrific to me.
A-Yoooooooooooooo
Go ahead switch the style up' And if they hate then let them hate and watch the money pile up.'
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Hey t3t4,
'Just looking at the chart you posted, what do you see or predict?' Well I know some or most folk can not interpret EW but my post to Stryke, listed four different scenarios, two bullish and two bearish. Not taking into consideration that 5 waves was complete, I informed Stryke that we maybe in a 'expanded flat' scenario, gave him the levels to anticipate a failure. Most EW folk look at charts differently than others because we see 5s, 3s which can be used to easily determine(forecast) the direction of price. For the most part we draw up 3-5 different probabilities, as I originally presented to Stryke, and validate the counts as prices moves. Oh my, as we speak price has bounced off of 2838, more than likely its a short term rally, or is it? Same question you posted but in relation to FIBs. If your not using FIBs or can't acknowledge that ALL, I mean ALL, support and resistance has a fibonacci relationship with price, then no one can answer your question about chart prediction(forecasting). 'FIBs unreliable', yikes!!! That's scary to me, matter of fact, that's horrific to me.
A-Yoooooooooooooo
I second that !!
Everything in the Universe has a Fibonacci relationship.
The shape of a leaf..
The shapes of ones face..
The relationship between planets..
The Macro..
The Micro..
Could it be that it would be unreliable in anything ?
I have the three major tops mapped out for possible continuation or failure. So far price has been rejected by 61.8 of 3691 drop, like the Captain(Kutero) has been presenting.
A-Yooooooooooo
Go ahead switch the style up' And if they hate then let them hate and watch the money pile up.'
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Originally Posted by Colly 
It's simple
Meaning ?
