rising price has made diagonal chart pattern, resisting upper trend line while supporting lower trend line. visual you can sell at upper trend line while buy at lower trend line. how will you know the exact top ? this chart pattern follows abde corrective wave pattern , wave e is the last wave which ends at upper trend line. we will use fib ratio to get...
This just seems how all the fibs are measuring out wave wise. Watch that 99000 level.
Traders, The five-wave sub-minuette impulsive pattern is coming to an end, paving the way for the larger minute degree, 5-wave sequence to start its 4th corrective wave structure. When subdividing wave 3. into five smaller degree waves, we see that its concluding 5th-wave can be seen unfolding into a contracting/ending diagonal pattern, composed of five internal...
Traders, Previous GBPJPY development from 135.595 ( end price of (a) corrective wave) has completed unfolding into a corrective Zig-Zag pattern to 152.862 (end price of (b) corrective wave) Labelled in minuette degree, a. - b. - c. and subdividing 5-3-5, the Zig-Zag can be ‘proofed’ using fib-price-ratios. What can be derived from this Zig-Zag is that GBPJPY...
Idea is based on Elliott wave theory. According to my count, corrective wave nr 4 is on-going. Expect price to retrace into the 0.382 before wave nr 5 can initiate. Ratio confluence of waves nr 1 and 3 is used for the selection of the target. Good luck
No doubt The harmonic "force" is strong with this pattern having many confluence fib lines almost in a cluster around 2132 - 2139. It fits well with my more overall target for the SP making a top at 2138.04...so I'm of cause biased here..... no doubt. That said... I do not recognize this pattern from the rulebook of harmonics and I have not backtested it so it...