XAUUSD 12 HOUR BULL (PRIMARY ALTERNATE 1)
Hi all,
This wave count states that 1) Primary B is complete as an expanded flat and 2) Primary C is underway as a regular motive structure.
I have firmly placed waves 1, 2 and 3. Minor 4 may or may not be complete. Where it ends is not the priority for this wave count. For argument's sake however, minor 4 is presumed to have ended to adhere to primary targets. But in case it hasn't ended yet, this count determines that it may not move below 1304 for a regular motive structure.
Minor wave 3 is longer than wave 1, but only by a small margin. Nevertheless, it follows that wave 5 should be equal to wave 1 in length. If minor 4 terminates on the 18th then minor 5 is projected to terminate @ level 2 (1427).
The only way that I see level 1 to be a potential reversal zone is if Minor 5 is truncated AND visibly subdivides into 5. Alternatively, one could suggest that Primary C is already complete: on July 6th price reversed falling just short of the level 1 fib cluster. However there is a lack of evidence to support this to be an orthodox high from from an elliot wave perspective. All in all, I am not convinced that level 1 is a likely termination level for Primary C or Cycle B.
This wave count states that 1) Primary B is complete as an expanded flat and 2) Primary C is underway as a regular motive structure.
I have firmly placed waves 1, 2 and 3. Minor 4 may or may not be complete. Where it ends is not the priority for this wave count. For argument's sake however, minor 4 is presumed to have ended to adhere to primary targets. But in case it hasn't ended yet, this count determines that it may not move below 1304 for a regular motive structure.
Minor wave 3 is longer than wave 1, but only by a small margin. Nevertheless, it follows that wave 5 should be equal to wave 1 in length. If minor 4 terminates on the 18th then minor 5 is projected to terminate @ level 2 (1427).
The only way that I see level 1 to be a potential reversal zone is if Minor 5 is truncated AND visibly subdivides into 5. Alternatively, one could suggest that Primary C is already complete: on July 6th price reversed falling just short of the level 1 fib cluster. However there is a lack of evidence to support this to be an orthodox high from from an elliot wave perspective. All in all, I am not convinced that level 1 is a likely termination level for Primary C or Cycle B.
Please see update linked idea: *MINOR ALTERNATE 3*