This analysis is the modification of my previous post.
Please refer to previous analysis below:
The modification was based on rules in Elliott wave theory, however the overall expectation still remains the same.
📚 Wave 4, must not enter the price territory of wave 1 in an impulse
🤔my internal count in green colour broke this rule, which is why I did...
Hi,
GBPUSD price last week was bearish, however, I see this declined (in 4H timeframe) unfold as correction to its preceding rally (wave 3). This correction I labelled as wave 4.
📚According to Elliott wave theory, once wave 4 is completed, an impulse called wave 5 emerges (this wave 5 is in opposite direction to wave 4).
Now in GBPUSD I expect an impulse to the...
💾Usually, after an Impulse, the market starts consolidating as a result to correct the Impulse made.
This is more like stopping by to rest and take a breathe after a long walk🏃🏿♂️
After this breathe, the long walk continues🤭
✍️Here on EURUSD, I anticipate same scenario.
Friends, here in EURCHF 4H chart, I anticipate an impulse, "wave 3".
Usually, in most 5-wave Impulse; their 3rd waves( wave 3) are the most profitable wave🤑
💾On the chart, you would notice I labelled 1, 2, 3.
You can see wave 1
You can see wave 2
🤔But we are still expecting wave 3(Bullish)
While we are trading wave 3, we should expect its length to grow to...
Here is my Idea on USDJPY. I see a Leading diagonal
which has formed a wave 1 of higher degree.
If wave 2 unfolds as abc correction, as expected. Then,
I would be expecting another impulse to the downside.
Do you know one of the Rules of an Impulse?
"the 4th wave must never overlap with the 1st wave"
On NZDUSD the 4th wave which I labeled wave (iv); after making a complex ABC correct, it did not overlap with the 1st wave (wave (i)).
🤔With this Rule still holding, I would remains bearish on this pair for the completion of the new 5th wave (v).
🦅Always remember...
AUDCHF has potentials of forming an impulse to the downside.
🔭 I see a breakout from the formal ascending channel and a Retest already at 0.5 fib.
📉This analysis creates a sell signals. I expect wave 3 to unfold.
🔑 Remember, wave 3 can never be the shortest wave in an impulse.
I'm glad to contribute to your trading decisions... You can thank me later 😎
