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Saturday, 2 June 2012

EUR/USD Elliott Wave H1 & H4 count Update + some harmonic trade ideas

Wave 3 target of FibExtension @ 1.2272 was missed by 13 pips but I will take it for granted that wave 5 is now finished and we might have expect some corrective price action week.
The orange rectangle is the first hurde for the price to go up from EW point of view: if price want to, then former wave 4 must be taken out. If not , the area of 1.2625 up to 1.2706 is now a big resistance and we might expect wave 5 to develop properly.

On H4 timeframe we might get a bigger picture view of nice bullish divergence forming. Please consider that there are two non-exsistent retail gaps that need to be filled ( green rectangle).


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