A v bearish has been completed so based on elliot's theory we can expect 3 correction bullish waves a,b and c . Point A,B and C can be expected to touch previous support and resistance lines as illustrated .
Having the EURUSD pair moving along a strong channel on the day chart , and having in consideration the fact that we have a strong resistance trendine from the previous months , we can say that the eurusd pair is getting close to a deadend of the current channel .
The Fibonacci tool gives us an idea on the retracement , and we can see that a .681 is very...
On the USDJPY pair we see a gartley pattern .
The C point reached .808 a very strong retracement point .
we ecpect the price to rise until the d point on .739.
if that happens we can measure the c\d leg with fib. an place targets .
Target 1 = Fib .382
Target 2 = Fib .681
An ideal stop loss .. is to wait for the price to pass throught target 1 and then place it at...
D point has been complited at a .847 fib. retracement .
To me this means that we can except a drop , if we measure the c -> d leg , we get two target levels on the fibonacci scale .
Target 1 = 0.382 retracement
Target 2 = 0.681
As the price drops below the first target we can get our stop loss at the d point .
Usdcad taking a break before downtrend continuation .
We see a triangle that is expected to signal a downtrend. Although the triangle did not broke the way we expected , price is moving inside a channel that is expected to get broken.
Using the fib. ext. tool we can estimate by measuring the 1st bearish move were we can take profit .
This is clearly my though , i...
