{lang: 'en-US'} EUR/USD M30, H1,H4,D1 & Weekly Update ~ ElliottFxTrader Blog

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Saturday, 8 December 2012

EUR/USD M30, H1,H4,D1 & Weekly Update

So far wave  2 has followed Fibo Expansion in the move down almost to the pip (slippage probably due to the SL orders below 1.2880). In Elliott terminology wave (a) was Double Zig-Zag, wave (b) was Expanded Three and wave (c) developed in five sub-waves to the downside ending into 61%FiboExpansion almost to the pip.
This kind of wave behaviour is very common in wave 2 correction which is why it is easy distinguisable from wave 4 - this one is usualy (but not always) a Trangle Formation. This is the reason why I assume we are done with correction and now  more bullish patterns should emerge when price will start to develop in proper wave 3 fashion.

I have included alternative weekly count for EUR/USD but for now both of weekly points up for more gains.

Please notice that low of the wave 2 has been "predicted" by Fibo Time Clusters vey well (almost spot on).

Take care,
Seb







 

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