EURCHF continues as expected. Funny thing is I missed the train, was expecting a wave 2 to retrace deeper (50%-62%) it only got to 33% unfortunately. So I am expecting another pullback to ride the short.
Yes, I think you have it nailed. Like Blue Bottle's chart showing the end of a large C from the 1.6037 high in EUR/USD, coming to an end soon. I am counting w.iv of 5 of (V) about half complete, likely done before tonight. Then there is the final small w.v of 5 of (V) of (C) to possibly end in 24-48 hours.
If this count is correct, and it looks confident - Be prepared! We are due to have at least a large scale correction of the past 1500 pip drop over 6 weeks, which should take much of September to take back 500-1000 pips up. My view is that after large (C) comes large (I), and will watch close for signs of 5 legs up in multiple degrees. starting with micro fractals .i, i, 1, (I), (1). Great time in a couple days to place a small lot long to leave alone for weeks to make money while we sleep.
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I prefer wave 3, then 5, then C in that order.
w.1 paves the way by showing a 5 impulse, so you know which way the trend is in that time frame. Wave 2 is the setup, after I count 5, then 3 correction, I am in the zone to catch waves 3-5.
I work off a plan of measured objectives and fibo targets for the range, but put my trust in counting waves in the correct form. When I count the last C wave, and conservatively wait for a turn into the start of the smallest 5 impulse fractal, then I enter on the pullback. If the count is wrong, and goes the other way, my max risk is the gap between the start of w.1 and the end of w.2 - typically .382 of 1. If w.2 is not done and wants to continue, it is a rule that it cannot go beyond the start of w.1, or else the count is invalidated. One of the 3 rules in Elliot.
I also find w.2 much easier to read than w.4, which can be the most complex to figure out in large cycles, like the w.4 the USD Index has been in since March 17th, makes for choppy markets without clear trends. After 5 months in w.4 DX, it will be nice to see impulse waves for long runs inside channels.
Stock Indexes like S&P are in a Supercycle w.(C) now, entering the 3rd of the 3rd down. Wave A began in 2000, and B in 2003, so C is likely going to be a deep bear for a couple more years. This is the Trade of a lifetime shorting the Indexes, if you can do it on small margin. It took 34 years to reach a peak in large w.(V) and nearly everyone missed it, but it may only take 3 years to get back to a DOW level w.(4) from 1974.
USDJPY is at the crossroads, if 108.7 is cleary broken then I expect big impulse moves down to new lows for this year.
hi,
i guess, UsdJpy not going in our way..
i entered short for wave C at 108.8 but now in -100 pips
hi,
i guess, UsdJpy not going in our way..
i entered short for wave C at 108.8 but now in -100 pips
You should have waited for a clear break of 108.7 I guess...
)..
