fxgraffiti

fxgraffiti

This looks like a classic bullish flag.

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A bullish cypher with the D-point a long way down. The vertical lines are measured moves calculated from the green TLs. The Fib extension from the first of July high via W-X suggests an end point for the Y-leg.

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The 0.618 retracement of the non-harmonic Gartley (in blue) lines up nicely with the 0.618 of AB=CD (in green). The triangle suggests that we are in the midst of an A-B-C within the C-D leg of the Gartley. A TP calculated from the triangle has already been hit, however, there is the expectation that wave-C ought to contain five waves, either as an impulse wave or...

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A scenario for the dollar where there is a PRZ derived from the retracing of X-A, a projection from A-B, as well as the extension from A-B-C. These are the circled levels. I'm speculating that an extended fifth wave may carry the market higher past the zone of resistance around 82.33-82.52 to complete the harmonic bat around ~83.5. I would look to go long if we...

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That drop came out of the blue! Be careful out there. I've revised the count according to the new circumstances.

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There's a potential triangle in play here

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There seems to be a clear five-wave decline which could be part of a larger zigzag. The B-wave would reach a 0.618 extension at 0.85317 very near to the extreme of wave-4 at 0.8534. An area to keep an eye on for a potential short.

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Copper seems to have bounced at a point of significant confluence. There is the lower parallel of the rising Schiff median line, the Fibonacci 1.618 falling extension, and there is something reasonably close to a harmonic bat.

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If price holds above 1.79724 that would suggest that we're heading for the completion of by the corrective z-wave, which I've drawn at about the level of the 0.618 retracement of the January high. is an A=C extension which would need to be recalculated if the -wave is already complete at y.

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The red I-II-i-ii-1 sequence could alternatively be the leading diagonal of a bearish impulse wave.

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Anytime about now would should be good for a short with a SL 0.79795.

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The price action is very corrective in character meaning that we're still waiting for wave-II to have done with, which could conceivably be in the region of 0.794, or by breaking out below 0.79033.

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I've tried to do a detailed wave count of the last swing which suggests that we could still be expecting to see waves iii-v of the last larger wave of the current swing. See the link below for the bigger picture.

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A big picture view of possibilities. The analysis shows a wave count in purple that suggests that the EURGBP may yet be in the midst of a very large flat correction, and that wave- of may be unfolding. Wave- started in this analysis with a leading diagonal, the fifth wave of which is an ending diagonal. An alternative count is shown in red which suggests that...

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Short

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The AUDUSD seems to be in an Ending Diagonal working on v of 5 of V.

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Unusual to see an expanding triangle.

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Short term view. A possible B-wave of a zigzag is in the works.