This plot is to study the behavior of a possible ABCDE correction.
AJ appears to have finished a 5-wave impulse and is correcting.
The A,B,and C waves thus far do not fit the structure of a simple ABC (5-3-5).
It seems more like a 33333 structure of an ABCDE, and thus far forming a channel.
Fundamentally, the overall risk sentiment has massive influence on this pair.
Equity markets have been dipping which would bring this down.
But I am thinking stocks will mount a bounce early this week, and then continue downward.
Thus the fundamentals and timing also seem to fit the pattern I am imagining.
But of course, lets see how this goes, clearly no trade right now - it is in no-man's land.
When price approaches either of my zones, I will consider a trade if fundamentals indicate a direction.
AJ appears to have finished a 5-wave impulse and is correcting.
The A,B,and C waves thus far do not fit the structure of a simple ABC (5-3-5).
It seems more like a 33333 structure of an ABCDE, and thus far forming a channel.
Fundamentally, the overall risk sentiment has massive influence on this pair.
Equity markets have been dipping which would bring this down.
But I am thinking stocks will mount a bounce early this week, and then continue downward.
Thus the fundamentals and timing also seem to fit the pattern I am imagining.
But of course, lets see how this goes, clearly no trade right now - it is in no-man's land.
When price approaches either of my zones, I will consider a trade if fundamentals indicate a direction.
评论:
That might be about done for London Session.
expecting a pull back and then continuation. The Blue fib is executing precisely, and I think 7.618 should be an easy target.
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