Hi all,
I will admit that this looks somewhat unlikely, but it is possible and indications are (presently) that it may develop something like this.
This post is just to share my preferred entry point for the sizeable down-move that I expect:
- It seems that wave 1 and 2 have formed,
- Sub-waves i, ii are complete, and iii is underway,
- I will wait for the wave v peak that will form the wave 1 peak (of wave 3),
- After a retracement I will place my sell order at the wave v peak,
- This should mean that I shouldn't be concerned about being stopped out by the wave 4 retracement and can stay in place for the full 5 waves down,
- My tentative target is 88 yen / USD for a 1:1 extension of the larger-degree wave (A) (I am not sure if this appears well on this timescale).
Quite a bit of price action still needs to happen for this to eventuate. I have not tried to map out where the smaller waves (that haven't started yet) will terminate.
I am not a professional, am very new to FOREX, relatively new to TA. Do your own research and thanks for viewing.
I will admit that this looks somewhat unlikely, but it is possible and indications are (presently) that it may develop something like this.
This post is just to share my preferred entry point for the sizeable down-move that I expect:
- It seems that wave 1 and 2 have formed,
- Sub-waves i, ii are complete, and iii is underway,
- I will wait for the wave v peak that will form the wave 1 peak (of wave 3),
- After a retracement I will place my sell order at the wave v peak,
- This should mean that I shouldn't be concerned about being stopped out by the wave 4 retracement and can stay in place for the full 5 waves down,
- My tentative target is 88 yen / USD for a 1:1 extension of the larger-degree wave (A) (I am not sure if this appears well on this timescale).
Quite a bit of price action still needs to happen for this to eventuate. I have not tried to map out where the smaller waves (that haven't started yet) will terminate.
I am not a professional, am very new to FOREX, relatively new to TA. Do your own research and thanks for viewing.