Here's the pattern from Prechter's... just a possibility at this point... I am asking myself what would the count be if 3233 gives way....
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DislikedI a new, do u have any tips?
eurdollar is trading 1.3262.
short or long posion?Ignored
DislikedShould the recent lows of 3233 give way at this point, a test of 3180 and 3160 areas could follow...
Always pays to think of all the different ways it could unfold....
To me 3172 is a critical level to hold, so I don't welcome a test of 3160 at all.... and think it a low probability outcome.Ignored
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If it gives 3160 will be tested in quick order.... Fix is over, Europe closed so expect volatility to not exist to test 3160 today...Ignored
DislikedStill Bullish... Still Long... China and Japan out today, with thin market conditions trips massive stops below 1.3145,
but chart still shows corrective action at 1.3130.
Staying long given the intense support just below...Ignored
DislikedToo lazy at the moment to post a chart, but I am Bearish below 3125 and looking for overlap to occur in the swings (H1) off the 2999 low.
...
Emotionally, I favor the bullish scenario and feel the FOMC decline was emotional trade that carried a corrective wave C too far exactly from its area of terminus, and the market now realizes its overshoot and will continue higher....
BUT, I have to trade the chart not my emotions and that calls for an active trade on the higher probability.....Ignored
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I would really like to see some signs in PA that the move up from 2999 is corrective (counter trend) and that will occur if we get overlapping PA by retracing below the first swing high near 3062.....Ignored
DislikedHere is the overlapping price action I was hoping for.... Overlapping swings are indicative of corrective waves (counter-trend)....
It is not confirmed that we have eliminated the bullish count so far, because there is this pesky thing called an extension in Elliott Wave, but this bolsters the bearish count scenario.
It a little more weight on the scale in favor of bearish trend in place.... Only a break below 2999 would seal the bearish count in stone...
More PA needs to unfold to tell more... sometimes just one more bar can clarify...Ignored