This down move on EURUSD has been very difficult to count as per EWP rules and guidelines, at least I have found this to be very difficult. But the essence of EWP is to try and label the price moves in as many ways as possible and then select the count which satisfies all the rules and maximum number of guidelines. So as per my limited knowledge of EWP I have tried to label this down move on EUR USD, and unlike my earlier counts, this count suggests a DZZ forming on prices. The target for the wave [y] comes around 2500 levels by the guideline of equality, and it has already crossed the 61.8% projection mark of wave [w]. But there is another important level in between, i.e. of 78.6% projection of wave [w], that comes around the 2700 mark on EUR USD. This level also accommodates a possible ending diagonal similar to wave (c) of [w] in wave (c) of [y]. So I would refrain from calling an end to this down move yet, and would like to see some more clarity in patterns before forming a trading view on EUR USD.
Thursday, January 05, 2012
EURUSD down move not just done yet!
About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...
EUR USD
Categories:
Currencies,
Elliott Wave,
EUR USD
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
...I am thrilled to learn what you think about this piece of content...