This is how i see Gu .
Bear flag within down channel
support is on the 4.8 mml 1.6113 , ressitance is capped 1.6235 .
1.6113 breaks then we see move down into next support 1.5990 , this is also break of bear flag
we are in wave 5 on daily with potential target 1.5600 based on symmetry of moves. There is however a ton of support
DJ has been distributing for weeks and this week we saw the result of this. This has been the largest down week since the lows in 2009. If we see three black crows over the next three weeks then dj could...
malcolmb....,can you give us a reason why you think we are now in wave 5?so why you don't think...(in your picture that i redraw) 'X' wave (black) is an impuls to go UP and 'Y' (pink) is the wave 2 (wave 2 is almost near bottom of wave 1, and it's consist of 'only' 2 impuls down) right??
so can you explain why you think there will be 'the wave 5' (third impuls down)....,
note: malcolmb,...i really-really don't want to influence in your trading, thats your territory to go long or short.. i just wanna know (and learn) your EW analysis for this pairs.,cos i'm an EW'ers too...,
thanks you very much before...,java
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35 darn pips