Elliot Wave Analysis

Quoting Greenspanke

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My updated chart. {image}

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Quoting stringfx

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On the contrary, check out GBP/USD, this pair has already started the descend. {image}

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Quoting iluvyomumma

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{quote} thanks for posting this stringfx. Been trying to find the correction pattern in this mess for the last few days. Would love to connect with you further to discuss this

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Quoting stringfx

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The only other possibility is that the completed wave was a 4th wave on daily and this could be a 5th wave even then probability is low as the retracement was not even a complete 38.2%. if this was wave 1 completed, then it should have been a lot deeper correction. {image}

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Quoting stringfx

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i still want to believe that this is an A wave which is incomplete . needs a downward move to complete. every ounce of this wave is overbought as well. i think its just a matter of time. in any case the wave is not invalidated yet . still has some way to go if needed. i have 4 small positions opened in my live account (funded) and my stops are 1.1996. Now lets wait and see. tomorrow is freaky friday. you could probably see a reversal. {image}

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Quoting stringfx

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On a 4 hr chart, we have resistance of 200 sma plus supply resistance, and there seems to be a decent rejection of price. i am hoping this to continue moving down and then getting some fundamental help to push it a lot more down. {image}

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Quoting Merka

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{quote} Agree with you. That H4 supply was the correct opportunity to short from. Unfortunately I was impatience and shorted too early. Lesson learned. The big issue is we have 2 valid conflicting scenarios: Scenario 1) we are in a corrective stage (maybe in waveA as you pointed out) and price can go lower. Scenario 2) we are in wave4 of bull 12345 and price can go higher to start wave5. My problem is when I'm in these type of situations how to determine the correct way forward? Cheers

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Quoting Merka

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{quote} What are you waiting for? If you are expecting a drop for wave5 than you should initiate to build your sell positions. Isn't it?

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Quoting Greenspanke

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{quote} I believe wave 4 on my weekly chart has finished. This is what I was waiting for Merka. I will be short now with 1.1492 as Target 1 and 1.1290 as my 2nd Target.

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Quoting Merka

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{quote} I did not looked at weekly chart but just daily. My bad. Would you mind sharing with us your weekly chart to see what you are seeing? Thanks

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Quoting stringfx

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Gbp/usd is behaving a lot better than eur/usd. The fib pattern seems to be working pretty fine and expected near term supply is FE100 (1.3581) as shown in the chart. It can very well go to 161.8 (1.3373) if some strong fundamentals hit the pound. {image}

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Quoting Greenspanke

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{quote} Hi Merka, Here's my current weekly chart. I am just learning as well. I was going to short before I realized it was a Friday. LOL. If my favored count holds true were in for a ride. If the big boys decide to take it up further then my play will be the alternate count. I also attached my current Hourly count which further supports my thinking. only thing I could think of is a wave 5 extension but that's where my knowledge of EW is limited. I really don't know if that is possible at this stage or even allowed. Perhaps Stinger can comment....

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