GBPJPY chart my count...we can see that price is forming a flag on the 15 min chart and it might break down...or might not...just wanted to share it
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DislikedHey, Blue...
Can you count 5 waves down in 1? and in 3?
I can see 3 waves in 1, and it ends with a steep move like a w.3, but without w.4-5?? 3 is not the normal form with visible corrections and a step move in the middle.
A trick is to confirm the count in other major currencies, like I do with CHF/USD when EUR/USD is confusing. (I only trade EUR, with minor exceptions. ) Or gold. It also helps to find a MACD to confirm waves, some are better and settings are important. I also drill down to a small TF chart at smallest bar view, to see more ticks and price action. Hope that helps.
If in doubt, stay out.Ignored
DislikedI can count a 5-wave turn on Euro this morning - and it is impulsive!
This means the favored count where large wave (4) is complete at 1.3880, begins a return to the larger trend, and wave (5).
There is an alternate that the 5s could be a zig-zag correction, and it would look the same as impulse waves 1, 2, 3, and even 4 except there would be no 5 up, 4 would actually be an A down. This should trend up for a month, with some volatility, but contained within a channel.
Either way, there is a large move up in the cards now. I am looking for an entry on the w.2 pullback, after counting 5 tiny wave in C down, around 1.4048.
Hope that can wait until Monday, I hate having an newly open position before a weekend. Especially with some Russian-Venuzuela / America tensions developing in the Carribean.Ignored
DislikedHi, bluebottle.
In your EUR/USD chart, is that an A-wave or Wave 1 of a bullish reversal?
I'm inclined to think it's the latter.Ignored