Both X's break their respective channels. Per EW no doubles, triples or triangles permitted in X waves, so would be looking for a clean ABC. Confluences supporting this:
Technicals
- Bullish divergences on CVD and RSI on higher timeframes
- Harmonic conflucence
Thesis:
- Production numbers in Europe and US came back to today with noteworthy misses, showing demand destruction taking hold and putting pressure on USD. BoA late Friday note that FED's will need to curb rate of hike or risk systemic failures and many commentators echoing the same message post Japan and BoE interventions.
Thesis resources:
www.forexlive.com/ne...-sentiment-20221003/
www.forexlive.com/ce...gressively-20221002/
www.zerohedge.com/ma...scary-warning-powell
**NOTE: Previously posted Diagonal - 5 wave count, violates Elliot Wave principles in that 4th wave has not (perhaps yet) broken into the 2nd wave. Therefore WXY or WXYXZ are more likely and fit the current price action.
Technicals
- Bullish divergences on CVD and RSI on higher timeframes
- Harmonic conflucence
Thesis:
- Production numbers in Europe and US came back to today with noteworthy misses, showing demand destruction taking hold and putting pressure on USD. BoA late Friday note that FED's will need to curb rate of hike or risk systemic failures and many commentators echoing the same message post Japan and BoE interventions.
Thesis resources:
www.forexlive.com/ne...-sentiment-20221003/
www.forexlive.com/ce...gressively-20221002/
www.zerohedge.com/ma...scary-warning-powell
**NOTE: Previously posted Diagonal - 5 wave count, violates Elliot Wave principles in that 4th wave has not (perhaps yet) broken into the 2nd wave. Therefore WXY or WXYXZ are more likely and fit the current price action.
