IMHO usd has started the upward movement and should last until mid jun. major 2 waves seems over and internal wave 3 of 3 in progress. expecting 91.73 for a pull back to 4th wave and then on to 5 th wave to 92.65 / 92.93.
any count on eurusd points to 1.1975 . with the advanced gdp of US which is scheduled, there might be a move up but eventually i am expecting 1.1975 on eurusd before any good move up on this pair. so if it goes up it's a sell zone on hourly chart. eventually 1.1805 is my target.
In my opinion, gbpusd is in a big downtrend. On an hourly chart i am expecting 1.3710 to finish a minor wave 5 after which there might be a substantial upmove to around 1.3960 as a major 4th wave up. then big down again.
Here are a couple of daily charts according to my view.
Eu has broken the bottom of the 3rd minor wave and is on route to minor 5th wave target of 1.1985. Keeping fingers crossed. I would take profit at 1.1995.
Us index daily chart. IMHO usd has started the upward movement and should last until mid jun. major 2 waves seems over and internal wave 3 of 3 in progress. expecting 91.73 for a pull back to 4th wave and then on to 5 th wave to 92.65 / 92.93. {image} {image}
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Usd index also pushing forward to wave 5 targets of 92.65/92.93.
Eu has broken the bottom of the 3rd minor wave and is on route to minor 5th wave target of 1.1985. Keeping fingers crossed. I would take profit at 1.1995.
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My target was hit right to the pip.
Now expecting a retrace up. I will only sell up again.Chart will be posted in an hours time
IMHO eur has completed a minor wave 3 with that good down move (hopefuly unless there is an extended wave 3). Now i am expecting a retrace to a minimum 23% of this 3rd wave as a target for 4th wave. (not going to trade this correction). The targets for 4th wave is 23.6% (1.2083) or a 38.2 target of 1.2146. Most probably it's 1.2146 and since this is a 4th wave it's going to be choppy regular a-b-c or any of the complex correction (hence not trading it.) I will start selling from 23.6% small lots. the invalidation line is 1.2214 which is the ending of wave 1 after which there is no point in chasing the price. since 4th wave is a time consumer, this will probably go to the end of the week. Scalping this move is the best way to trade with tight stops.
AU is in my opinion in a very strong down trend. Here is my EW view of the monthly chart.
AU is doing a series of 1-2 , 1-2 waves and we have completed a 4th minor wave on the monthly at the breach of the trend line. Now on to 5th wave with a minimum target of 0.7017. (38.2%) and 0.6326 (61.8%)
Almost same scenario happening in the daily chart as well. it's doing a series of 1-2 waves and i am hoping with the breakout of the monthly trend line, this would go down substantially. at the moment US index is a bit weak as it is doing the retrace after the strong push up, so you can expect AU to get some bullish prices. i am hoping it to go to FE 100 on the daily and then turn down again. Here is the daily chart in my view.
how did you understand it........i want to understand it better
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If you are new to elliott waves, then it will take some time for you to grasp the concept. I suggest reading up on articles related to EW and fibonacci levels. It will be very difficult to explain what i know through this forum. if you get a book called "five waves to financial freedom" by Ramki, please read it a lot of times.
