I think it's more likely a further decline, as I believe wave 5 completed. But if we assume punched level 50, the growth is possible to 38.2 and then drop down to 50 or lower.
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DislikedThe forecast for the pair EUR / USD. We can see that now ending wave 4 and is likely to form a wave 5. This means that we expect a further fall down to the level of area 100. We can see the price after the rebound from the level of 38.2 start falling and stops at 50.0 and 61.8. Now, while the price is at a level of 61.8, we can expect growth to test the 50 fib. {image}Ignored
DislikedThe outlook on the pair USD / JPY. As I said earlier, the price stood at 100,631 after the fall, and then began to rise. At the same time, this growth may continue to level up to 102,796 or 103,352. In this case, the figure head and shoulders is formed. At the same time, it is possible to break the resistance levels and further growth, and then, out of the falling trend. But probably 100,631 and a continuation of the level of testing. {image}Ignored
DislikedHi Dennis, Having read all the posts, I see that you are a very talented trader using Elloitt wave theory. I struggle with how to apply these theory. I have a question, it is actually very basic, where and how do you start marking the impulsive wave 1? For example, looking at post 130 , any reason you decide to mark the wave 1 the way where it is? Also, I read that in post 185 and 148,...Ignored
Disliked{quote} Thank you for your post. I'll be glad to answer your questions. With regard to post 130: Then there were 2 options for building waves. The second option is that the wave 1 is built instead of wave 3. In this case, the end result does not change. I decided to use that variant, because I saw a repetition of the two-headed groups and took them for a wave, so the first generation was the beginning of wave 1. Post 148 I see the formation of the five-wave movement after the turn, and therefore took such a decision. Post 185 Similarly, I saw 3...Ignored
Disliked{quote})
Hi Dennis,
Thanks a lot for the detailed answer. It shows a lot of insights. Here's some of my interpretation of your word. I am trying to grasp and understand better. My understanding could be wrong, and I would appreciate if you would point out if my understanding is wrong.
Below are the original word and my questions are written in italic.Ignored
QuoteDislikedThen there were 2 options for building waves. The second option is that the wave 1 is built instead of wave 3. In this case, the end result does not change.
If wave 1 is built instead of wave 3, why would the end result (i.e. prediction for an A-B-C correction) does not change?
QuoteDislikedIn order to determine the beginning of the wave motion, I often use the Fibonacci to determine levels.
Yes I see that you often use Fibonacci (for example, in post 388) , but I am struggling see how that relates to finding the beginning of a wave motion. How to use Fibs to find the beginning of a wave? Do you mean, for example, when a move retrace precisely to 61.8% of a previous move, then we call this move wave 2 and the previous move wave 1?
QuoteDislikedOr spend a line level without a grid.
I am trying to understand the word "spend a line level", what do you mean by "line level" and "grid"?
QuoteDislikedAlso in Elloitt principle, wave 3 should not be the shortest wave among 1,3,and 5. Do you use such a rule for marking waves? Or is it more based on what you see on the chart? I asked this because I see that sometimes the wave 3 in your chart is the shortest one.