EURUSD elliott wave analysis. LONG!
On 1-hour chart, strong wave moves up which can be subdivided into 5 waves, its labeled wave I. Next correction has ABC zigzag pattern (labeled wave II) with wave B is flat pattern. Now i try to forecast the termination of C leg.
Usually, in zigzag, C leg equals to A leg. In this case, if C leg terminated at level which equals to A leg (about level 1.10034), the Fibs retracement level of wave II will be equal to 50% of wave I.
Zoom in 15-min chart to examine C leg, It likely has full 5 waves structure. That means C leg may be going to end and can not move down further. Also, the volume of sub wave 5 of C is very low meaning of the correction phase going to end.
Assume that wave C has ended now, at this level, C leg equals to 0.618 fibs of A (this is also common Fibs relation between A and C of zigzag), and wave II equals to 0.382 Fibs of wave I.
The trading plan is waiting for price breaks above sub wave iv of C leg (about 1.10397) then go long.
Stop loss at the extreme of C.
Profit at least 0.618 length of wave I.
Thank for any feed back!
Usually, in zigzag, C leg equals to A leg. In this case, if C leg terminated at level which equals to A leg (about level 1.10034), the Fibs retracement level of wave II will be equal to 50% of wave I.
Zoom in 15-min chart to examine C leg, It likely has full 5 waves structure. That means C leg may be going to end and can not move down further. Also, the volume of sub wave 5 of C is very low meaning of the correction phase going to end.
Assume that wave C has ended now, at this level, C leg equals to 0.618 fibs of A (this is also common Fibs relation between A and C of zigzag), and wave II equals to 0.382 Fibs of wave I.
The trading plan is waiting for price breaks above sub wave iv of C leg (about 1.10397) then go long.
Stop loss at the extreme of C.
Profit at least 0.618 length of wave I.
Thank for any feed back!
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.