Since the March 2013 low at 1.4375 we have seen a very strong rally to 1.7483, which marks wave 1 and wave 2 was a shallow decline to 1.6641 barely correcting 23.6% of wave 1. This is a sign of underlying strength and a sign that wave 1 extended. When wave 1 extends normally the top of wave 5 will come in at distance traveled in wave 1 added to the bottom of wave 2, which in this case will call for wave 5 at 1.9749. However a much more bullish count could be unfolding, which only had wave (i) of 3 from 1.6641 to 1.9186 and wave (ii) corrected a little more than 50% of wave (i) and wave (iii) higher is now unfolding towards at least 2.1704 and possibly higher. However, time will have to show, which count is the correct one.
Something is wrong in this EW count...
ReplyDeleteWhy?
Looks like do not match to EURAUD and AUDUSD.
We are still in correction...
Hi Marek
DeleteI' sorry to say, but you can't sa this count is wrong because of two other crosses counts. One or both of the orther two counts could be wrong. I have multiple time had a Count where I as yo say this simply can't be correct because x and y don't add up with x, it then turns out that x is correct, but either x or y is wrong.
It could also be all about speed wat do I mean by that? Eithe EURAUD, AUDUSD or GBPUSD moves much faster/slower than the other crosses causing GBPAUD moving higher in this case.
I don't say your are wrong saying that we might be in a corection, but your argumentation for get to that conclusion is wrong and could get you into lot of trouble.
Kind regards
EWS