On Audusd we see a breakout from the blue trend on a D1 time frame. Impulse 1 correction 2 are finished. We should see impulse 3 develop unless price falls under 0.70031
we have an 1,2,3,4,5 wave impulse completion which is also the completion of impulse wave (1). We then see a ABC correction completed which is also the completion of correction wave (2). I placed my long position at the completion of correction wave to and will be looking for the target zone in between 1.272 and 1.414 fib extension.
will be looking to place long position on Sunday/Monday after the completion of wave (5). Wave (5) also correlates with corrections c and B, illustrated by the green circle on chart.
As we see usdcad is retracing from the previous bullish move. I see two possible types of corrections, either a regular ABC or a ABCDE/Flag correction. If you decide to take this trade place stop loss around 1.32100-1.32200 price level. If you want a more conservative approach place trade on a breakout of the Flag/Triangle indicated by the green trend lines on the chart.
Expecting trend to continue bullish based on the wave count. We are right at the bottom trend line of the channel and the ABCDE or flag correction is almost completed.
NOTE: the numbers with circles around them correlate with the letters with circles around them.
the numbers with "()" around them correlate with the letters with "()" around them.
After (1,2,3,4,5) Elliott wave patterns complete we get an ABC correction. In this analysis we see how two (1,2,3,4,5) wave patterns have completed. We are looking for a...
We are seeing a ABC correction after a major (12345) impulse move that finished at 1.79319 price level. Once the major 5th wave was completed at 1.79319 we saw the first correction impulse (A) down to price level 1.63219. Wave (A) is considered an impulse even thought its a correction of another impulse wave because its composed of 5 waves as shown on the graph....
We are seeing an ABC correction after a major (12345) impulse move that finished at 1.79319 price level. Once the major 5th wave was completed at price 1.79319 we saw the first correction impulse (A) down to price level 1.63219, it considered a correction impulse because it composed of 5 waves. After correction (A) completed we saw a move towards (B). Correction...
