Starting this week, we will begin the Elliott's Basic Course. Our main goal is to understand the strategy, and how it can adapt to every Trader Profile. To do this, we will not need to explain any "under-wave" detail, but we will need to understand support levels and target waves, for our Trading Plan (setup). Before you start, this "glossary" will be useful...
Technically speaking, it should sell audusd below 0.7334 (max wave 4), but potentially the pair could reach the resistance at 0.7385, if it will happens, the trend will remain bearish only if it will develop a spyke with a daily close below 0.7334. A daily close above 0.7334, it will fail the bearish impulsive structure. This is not "a call" for you, but only an...
For my newer followers or those that missed this post previously, here's a generic trade plan explaining all those horizontal lines on my charts. Notes on the image should be self-explanatory. Minor and minute waves are shown, but this method can be used on any time scale / Elliott Wave degree. Learn more about trading Fibonacci Pinball from the pros at...
Waves 2 and 4 within an Impulsive wave will unfold in different forms: if wave 2 is a simple ABC form ( zigzag), the 4th wave is likely to be a complex wave (triangle, double three etc.)
"Running correction usually elliott wave 2 or 4 Strong impulse move should follow."