This pop higher on the Fed minutes may be enough to put the finishing touches on a minor corrective wave higher. There is a confluence of wave relationships near 1.1308-1.1340.
Therefore, we are anticipating another down leg of similar proportion (or greater) than the Sept 18-22 move (350 pips). That would place an initial zone near 1.1000...a nice round number.
Sentiment is -1.45 and hasn't moved much over the past few days. It's not a real extreme figure.
If prices do bound higher out of this price zone, the next level of resistance is 1.1380-90.
Happy Trading!
- 61.8% of the Sept 18-22 down trend = 1.1323
(c) = (a) = 1.1317
Blue corrective channel trend line = 1.1340
Wave y = .618 * w = 1.1308
Therefore, we are anticipating another down leg of similar proportion (or greater) than the Sept 18-22 move (350 pips). That would place an initial zone near 1.1000...a nice round number.
Sentiment is -1.45 and hasn't moved much over the past few days. It's not a real extreme figure.
If prices do bound higher out of this price zone, the next level of resistance is 1.1380-90.
Happy Trading!
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
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.