We are in the very last part of wave ii from the low at 1.2756. The rally of the 1.2756 low is clearly in three waves and wave c has an overlapping structure, which indicates it's an ending diagonal. This ending diagonal could be over with the test of 1.3297, but I would prefer to see one last spike higher towards 1.3320 before the top is finally in place and the powerful wave iii of 3 lower is to take over for a decline below 1.2756.
Short term a break below 1.3165 will confirm the top and that wave iii lower is developing. However, we are currently looking at a very powerful Trading set-up as we know we will be wrong if we break above the top of wave ii at 1.3415. That might seem far away, but considering the downside potential the risk is very low here. Remember we will never be able to enter a trade without risk. but we will like to make that risk as low as possible and as much in our favor as possible.
i think eurusd will rise till friday.Its tipicaly this move before release news! But time will tell!
ReplyDeleteHi Zink,
ReplyDeleteI could be, but I don't agree with you, that moves comes around news releases. More often than not, the market already has begun its move before the release and the news might accelerate the move and make it seem like the move came on the back ground of the news release.
I think that a top today would be perfect from a timing point of view, but as you say time will tell.
Kind regards
EWS
Hi Elliott wave surfer,
ReplyDeleteDo you have a wave count for the U.S. 10Y Note?
Thank you.
Great analysis by the way.
Hi Rommel,
DeleteI have made a post of my view on the US 10Y Yield.
Kind regards
EWS
Hi surfer , don't you think ,since (iii) in the ending diagonal is usually complex than others so what you have labelled as (iv) is actually part of (iii)....as I am typing I think we have a (iv) now at 1.32309....
ReplyDeleteHi Shaheen,
DeleteI don't think that's wave iii, but then I might be wrong and as long as support at 1.3165 protects the downside your Count is as good as mine. However you should be on the Outlook for a minor five wave decline towards the downside as that could be the first sign, that a top is in place and the correction from 1.2756 is over.
Kind regards
EWS