In this analysis i wanted to use Elliot theory to forecast a trend.
Elliot Theory wasn't invented for forex trends, but for stocks market. We also know that Elliot theory use the principle of waves, that can be applied basically on everything.
In this case, the waves scheme is very accurate, and all the waves seems to respect the theory.
1) I added fibonacci retracement.
2) I also added the elliot time lines, that coincides with with every touch point between the price trend and fibonacci lines.
3) Ultimately i added 3 oscillators, that has a perfect timing on the maximum value reached, fibo touch, and elliot line.
Considering all these factors, we can see, how the B point is on the same spot with oscillators max forecast value.
So my Hypothesis is of a downtrend until point C, with a price target of 1,1844
If you liked this idea, let me know it down the comments.
Elliot Theory wasn't invented for forex trends, but for stocks market. We also know that Elliot theory use the principle of waves, that can be applied basically on everything.
In this case, the waves scheme is very accurate, and all the waves seems to respect the theory.
1) I added fibonacci retracement.
2) I also added the elliot time lines, that coincides with with every touch point between the price trend and fibonacci lines.
3) Ultimately i added 3 oscillators, that has a perfect timing on the maximum value reached, fibo touch, and elliot line.
Considering all these factors, we can see, how the B point is on the same spot with oscillators max forecast value.
So my Hypothesis is of a downtrend until point C, with a price target of 1,1844
If you liked this idea, let me know it down the comments.
