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Wave3

UPDATE #3: USDJPY: A WAVE 3? MAYBE NOW!. 180+ PIPS POSSIBLEAt the risk of sounding like the boy who cried "WOLF!" too many times, I have re-adjusted my current wave count and now it seems a "wave 3" has just started. It is the nature of the market that it is unpredictable and we can only take our best guess at what is actually happening. This is why counting waves is an art. Not a science. Wave counting is dependent upon the eye of the beholder. And must always be re-assessed over and over with every new significant price action. Otherwise, you risk missing out on great trade opportunities or worse yet...getting in on bad ones. So what I'm doing here is alerting to the POSSIBILITY that a "wave 3" has started....just not the "BIG ONE" that I have been waiting for. This is a "small one" relatively speaking but with a chance to yield 180+ pips if taken now. The risk:reward is good as the S/L is pretty close. That would be the point to which my wave count would again be rendered incorrect. Take my recommendation as you see fit. Again, it's just what I'm seeing and what I'm doing. *DISCLAIMER: Please keep in mind that I am not giving any trading signals here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading! If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all comments are welcome.
Short
by EverythingForex
10
ANALYSIS: EURUSD: All Roads Lead To A Wave 3Did that headline get you excited? Who doesn't want to catch a wave 3, right? So my thorough analysis says a wave 3 is the next move. But when and where will it start? Or has it already started? Can you still catch it if it has? If so, where would it be best to catch it? All these questions will be answered....in due time! So let's get started with why I'm thinking wave 3. I did post about his possibility last week (see Related Ideas: "EURUSD: Did Wave C Just Start? Bull Bat TP1+TP2 Hit (+222 pips)". But in doing my weekend re-analysis, I throw everything from last week away and start from scratch and see if I come to the same conclusions. Here's what I got..... SUMMARY OF MAIN CHART ABOVE The chart I posted above is the 4Hr TF chart. The chart is simple. Two patterns. One is a bullish Gartley and the other a bearish butterfly. Both end at/near the lower and upper trend lines respectively. By my wave count, it's possible that we are already in a wave 3 moving up towards filling the bearish butterfly at the top trend line. But it is also possible that the wave 2 has not yet finished and prices will move towards the lower trend line more and fill the bullish Gartley before starting on the wave 3 up after testing the lower trend line. Prices are at a decision point (as of the time of this posting) as to which way to go. It's simple. If it goes down and breaks the B point of the Gartley, then wave 2 is not finished and the Gartley will get filled. Prices then will start on wave 3. If prices either move down and DOES NOT break the B point of the Gartley and then start moving up again OR prices just move up from where it is now, then wave 3 has already started and now is a good time to look for opportunities on small retracements to get in on it. Why the B point is so important? Because if wave 3 has already started, then point B is the end of the wave 2. If prices go lower than that, then wave 2 is not done. OK, so how did I come to the conclusion that there is a wave 3 coming here and that prices are not just poised to shoot down in starting another impulse wave down? OVERVIEW - MONTHLY CHART There is A LOT going on here! Mostly self-explanatory but overall...BEARISH! So if I am overall bearish on this pair, why am I saying there is a wave 3 UP coming? Well, remember this is a MONTHLY chart and everything that is happening now is all within the context of the MONTHLY moves. WEEKLY CHART - ZOOMING IN ON THE CURRENT PRICE ACTION DAILY CHARTS - HERE'S WHERE IT GETS INTERESTING: 3 POSSIBLE SCENARIOS So below are 3 charts on the DAILY TF that show 3 possible scenarios that I think have the most likelihood of happening. Of course I am not saying any of these WILL happen and that there are many other ways that this correction could still unfold and also that there is a possibility that the correction is over and prices are poised to move lower from here as well. But these are just MY thoughts are the most likely scenarios. Choose whichever you think. But in ALL 3 scenarios, the next move is UP in a wave 3. And that is why I am so confident that this is a very good opportunity to catch a wave 3 movement! CONITNUED BELOW IN COMMENTS SECTION DUE TO POSTING LIMITS
Long
by EverythingForex
9
Mattel Continuation of Bearish Move After Double Top Formation1) Significant Double Top formed between 46.00 - 48.00 levels 2) Price has retraced back to Neckline and begin second impulse wave. 3) Price has broken 64 Month Uptrend Line and may transition within a projected down channel The near term projected path of least resistance, will be for price to continue downwards. It is also likely that the price will trade within the boundaries of the dotted Downtrend Line. Theoretical Price Targets: a) 32.88 = 40 - 7.12 = 32.88 (Conservative) b) 27.00 = 40 - (48-35) = 27.00 (Plausible) c) 18.97 { Double Top Neckline - } = 40 - (13 x 1.618) = 18.97 {Aggressive projection, lesser probability of happening vs then a) and b)}
NASDAQ:MATShort
by BreakOutArtist