One of the things I like about Elliott Wave analysis is that it helps us determine trend and where are are at in the trend.
I'm currently listing the pair as in wave (iv) of blue circle v of purple 5.
As you can tell by the count, we are approaching a major top. For those not familiar with Elliott Wave five waves are in the direction of that trend. According to the count above, we are approaching the ending wave at multiple degrees of trend.
Our 60 minute chart from yesterday suggests we may get one or two more shots higher. Wave relationships show up near 126-128. Shorter term traders may be able to catch another move higher. If that move takes place, a trader will need to be quite nimble.
Feel free to share your chart here...even if different. I'm always open to where/how I could be wrong.
I'm currently listing the pair as in wave (iv) of blue circle v of purple 5.
As you can tell by the count, we are approaching a major top. For those not familiar with Elliott Wave five waves are in the direction of that trend. According to the count above, we are approaching the ending wave at multiple degrees of trend.
Our 60 minute chart from yesterday suggests we may get one or two more shots higher. Wave relationships show up near 126-128. Shorter term traders may be able to catch another move higher. If that move takes place, a trader will need to be quite nimble.
Feel free to share your chart here...even if different. I'm always open to where/how I could be wrong.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress
