Wave iv ended yesterday at 140.05, after a perfect toutch at the lower red Pitchfork line, the following break above 140.90 confirmed, that the bottom was in place. If my micro-count is correct we are now in red wave iii of wave v higher. Ideally red wave iii will rise to 142.41, the red wave iv problably as a expanded flat correction or a triangle and then red wave v higher to take out 142..81 and end the entire rally since 128.63. Tuesday, March 29, 2011
EUR/USD - We are now in the final wave v up
Wave iv ended yesterday at 140.05, after a perfect toutch at the lower red Pitchfork line, the following break above 140.90 confirmed, that the bottom was in place. If my micro-count is correct we are now in red wave iii of wave v higher. Ideally red wave iii will rise to 142.41, the red wave iv problably as a expanded flat correction or a triangle and then red wave v higher to take out 142..81 and end the entire rally since 128.63. 
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Sorry to bug you but I am new to Elliot wave theory and still trying to learn. Is it possible that in your red micro count that wave i ended near 1.4150, wave ii possibly ended near 1.4050, and we are now currently in wave iii which may end around 1.4185-1.4200? That would leave us a iv ending slightly above 1.4150 and wave v 1.4280ish?
ReplyDeleteHi Caney,
ReplyDeleteNo problem ;o)
It's possible, but if that's the case the only option is, that an Ending diagonal is forming as wave v.
The rally from 140.05 to 141.49 is clearly in three waves and the only "impulse" allowed to be in three waves is the different diagonals.
The would still make it possible for us to reach just above the 142.81.
The only demand I have at this point is, that we don't break below 139.83, as that would leave us with a overlap between wave 1 and 4, which is not allowed under the EWP.
If we break below 139.83 the only possibility that would leave is to call a fifth failure at 142.20 (that's not the preferred outlook, but we have to stay flexible)
Regards
EWS