The break above 138.52 forced a recount. The best option seems to be, that a expanding flat is building and we are currently tracing out the C-leg. If this is the case we could see wave C top near 138.90 for a break below 138.34 and more importantly 137.96 for the next move lower.However if 138.90 doesn't hold firm, then the next obvious target becomes the 139.60 area.
Hi. I just found your blog while searching for EUR/USD Elliott Wave analysis.
ReplyDeleteDo you count the today's high as an end of 5th wave(5 minutes timeframe)?
By the way, why do you put a dot before the second digit like 139.60 whereas it is 1.3960?
Thanks for your work and have a great day.
Hi Patt.
ReplyDeleteThe preferred count has now changed into the triangle pattern re my post yesterday.
Corrections is always hard to trade and count until they are almost done.
When I started trading FX that was the way I learned to write the price always how much it took to buy 100 of the main currency In the case above it takes 139.60 USD to buy 100 EUR. No rule without an exception, when I quote USD/JPY it's always how many JPY I will have to pay for 1 USD. There are some other exceptions.
I know when see a quote from Reuters, Bloomberg or any other place it's quoted as you say.
I hope you can forgive me for that, but after many years of trading and quoting it that way it has become habit for me.
The very best regards
EWS