Let us all get back to Elliott Wave Counting.
EG
EG
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*****insert 001c here to show the legs of the triangle
percentage retrace and the internal wave structure.
A = is a Zigzag
B = looks 3 wave in structure, but retraced A by about 92%
C = could be 3 or 5 wave in structure and it retraced B by about 90% of B
D = seems 3 wave in structure but has retraced more than 100% of C
E = seems to be 5 wave in structure but it could still be counted as 3
If we draw the trendlines based on the tops and bottoms of each wave, this is were we find discrepancies for the proposed patterns.
1st on the Symmetrical triangle a downward resistance trendline and an upward support trendline should converge based on the tops and bottoms of the legs. However, we see that wave D reached 1.4949 piercing ir violating the downward resistance trendline. Aside from this, it has also retraced wave C by more than 100%.
So I should start questioning my own previous analysis..
2nd option was the switching to the line chart for some guidance. Here I saw the possibility of the Barrier triangle. A barrier triangle still has 5 legs in it but sport a 33333 wave internal structure. So this may still be good for my wave count.
DislikedHey EG,
Ho you have a up to date chart for the eur/jpy?
Thanks
BearIgnored