Presently, EUR/USD is in wave iv, and we are anticipating wave v.
The last price peak reached 161.8% of wave i (leading diagonal) as identified below.
Based on this, we assume that it is not C but wave iii and there is still one more upward wave before a correction occurs.
Over the past week, the price has retraced 36% of wave 3.
Some Elliott Wave traders believe that a 36% retracement is considered a shallow correction, thus indicating a strong possibility for the price to resume its upward trend immediately.
However, I put a greater trust in Fibonacci levels.
Therefore, I recommend waiting for the price to reach the 38.2% retracement level before deciding to enter a buy position.
This approach, grounded in Fibonacci analysis, provides a more reliable signal for minimizing risk and maximizing potential returns.
Note:
- I am not really know about the part I highlighted in blue.
- Be cautious if the price makes a false breakout (orange box)
Wave v would be one of this:
wave 5 is inverse 123.6 – 161.8% retracement of wave 4, or
wave 5 is equal to wave 1, or
third, wave 5 is 61.8% of wave 1-3
note: i updated the last sell signal last Thursday. close the trade
good luck
The last price peak reached 161.8% of wave i (leading diagonal) as identified below.
Based on this, we assume that it is not C but wave iii and there is still one more upward wave before a correction occurs.
Over the past week, the price has retraced 36% of wave 3.
Some Elliott Wave traders believe that a 36% retracement is considered a shallow correction, thus indicating a strong possibility for the price to resume its upward trend immediately.
However, I put a greater trust in Fibonacci levels.
Therefore, I recommend waiting for the price to reach the 38.2% retracement level before deciding to enter a buy position.
This approach, grounded in Fibonacci analysis, provides a more reliable signal for minimizing risk and maximizing potential returns.
Note:
- I am not really know about the part I highlighted in blue.
- Be cautious if the price makes a false breakout (orange box)
Wave v would be one of this:
wave 5 is inverse 123.6 – 161.8% retracement of wave 4, or
wave 5 is equal to wave 1, or
third, wave 5 is 61.8% of wave 1-3
note: i updated the last sell signal last Thursday. close the trade
good luck
Note
the price reach 38.2% correction of our assumed wave 3any h1 bullish confirmation will turn to buy signal.
it can be a bullish engulfing change of character, rising star, etc.
good luck
Note
i recommend you who follow the signal to close the trade....happy profit day
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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.
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.