Scenario A (Blue):
This is a big 3 wave correction for weekly move up.
We completed the C wave and we are on the way to go and break the trend line.
Scenario B (Red):
This is a bearish 5 wave trend and we are in the pull back to possibly 61.8% of Fib for completing the 4th wave.
My idea is the scenario A is more likely to be correct, because:
1- The 4th wave already entered in the area of wave 1 and base on Elliot wave theory this should'n happen.
2- The whole current structure is looks like a Contracting Triangle flag in a weekly uptrend.
3- We are expecting a bullish wave for USD in other charts soon (look at my USDJPY idea).
In either scenarios, we have a move up first and about 680 pips to reach the decision point.
I will update this idea once I found a buy setup
This is a big 3 wave correction for weekly move up.
We completed the C wave and we are on the way to go and break the trend line.
Scenario B (Red):
This is a bearish 5 wave trend and we are in the pull back to possibly 61.8% of Fib for completing the 4th wave.
My idea is the scenario A is more likely to be correct, because:
1- The 4th wave already entered in the area of wave 1 and base on Elliot wave theory this should'n happen.
2- The whole current structure is looks like a Contracting Triangle flag in a weekly uptrend.
3- We are expecting a bullish wave for USD in other charts soon (look at my USDJPY idea).
In either scenarios, we have a move up first and about 680 pips to reach the decision point.
I will update this idea once I found a buy setup
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.