The triangle concept, that became my favorit count after we broke above 138.90 is working out nicely. We have just ended wave d of the triangle at 140.11 and should now see the last wave e down to 137.95 from where we should see the last thrust up towards 142.56, as the ideal target.The MACD has turn down confirming that wave e is underway.
Thanks for the chart. Your waves count is clear and I hope it's correct.
ReplyDeleteHi Patt,
ReplyDeleteI do like the triangle wave count. Buying EUR near the 137.95 can and should be protected by a stop-loss just under 137.32 (bottom of wave C).
Infinitus has the triangle as his top alternate count (link below). His favorit count is, that a Leading Diagonal is in progress.
http://singulorum001.blogspot.com/2010/11/top-alternative-count-11012010-evening.html
That count is a possiblity, but I have some hesitation due to the three wave declines, which in my view doesn't count as a Leading Diagonal, but I must accept, that Elliott Wave International in the Elliott wave bible - The Elliott Wave Principle on page 40 in the 10'th editions says that a Leading Diagonal has been observed as a 3-3-3-3-3 count.
Best regards
EWS