3rd Elliot Wave Incoming?I am shy at sharing my thoughts since I am a beginner doing charts, but here are my thoughts.... I'm seeing an incoming 3rd wave to 68, which was the 1.618 fib of the January 2004 high. Then moving back to the 54-58 range for the 4th leg, and move to 86 for the 5th wave before doing an ABC correction. NFA but this is what a beginner me is seeing. Just wanted to share and contribute to the community. Have a great day!
PHPUSD trade ideas
USD remains strong against PHPUSDPHP is currently in a consolidation phase after a run, and retesting its previous resistance, 56.41. If the USD will remain strong against PHP, we can see it will trade up to 57.51 - 57.99 up to 60.
Factors affecting weakening of PHP:
Debt
www.cnnphilippines.com
Rampant corruptions
business.inquirer.net
UP 200 MA RESISTALL INFO PRICED IN.
After previous trend break, price tried to rally but was halted by the 200 ma, and high were getting lower and low getting lower, only issue is, we're in phase 2, the shorter up phase before the longer down phase.
Wait for the setup, when daily closes as red, 4h closes as red, that's the time to find an entry.
Usd phpThis doesnt mean the php is weak, only that the dollar is strong.
Change in monitary policy is ahead for the us because of yesterday's negative cpi data and their fight to target 2% inflation rate.
Expect dollar to appreciate not in favor of peso.
But for our expats who work outside the ph, this is good news; for the value of their work is rewarded more.
Hence there will be a balance between peso and dollar to that effect.