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Good morning!
While I was sleeping yet another profitable position was closed. More over, the pattern that I drew is still real. Wave (5) of 3 is enlarged, it is apparent by now. My T/P level had touched. If my wave count is correct, EJ will go even lower, somewhere between 136.45-.25.
I put another sell order with S/L above 137.27.
Then, a correction to tide 3 should be in place. Maybe it won't be correction and we'll see another max, but today I have a bullish bias in my EJ pattern.
Well, I was not correct and did a mistake in counting waves in the past bearish wave. I had doubt, and such doubts were not senseless. Half of my position was closed by S/L, the other part of it I closed manually afterwards with 6 pips.
Also I recall in assessing the latest bullish move. It could be translated as 3-wave or 5-wave construction, I marked the zone when the query appeared with a coloured ellipse on the chart.
If we look at the situation in a larger timeframe, we could notice unique versions of subsequent move. As you recall, we've got a chance that EJ will return to its prior max level on daily chart, I suggest 139.24 value.
Right now EJ is unclear for me. The continuation of downtrend is going to be shown just after breaking 136.46 degree.
Huh, the 5th wave is on it's way down. In the moment 3rd part of it is forming, it means that after correction we should be ready for one more downside move.
As I visit the 4th wave is forming, following the 5th wave I wait for a good correction for this bearish movement.
Well, the closing bearish wave was stronger than I expected. But in one hour price was able to find its underside and start move. I closed my buy orders that I place several hours ago @ 135.07.
Today EJ is in correction mode to the first bullish wave. I intend to place buy orders whenever the price touches Fibo retracement levels. My initial target is 135.85
A powerful upside move is on it's way It's tough to describe this move in waves, as I see, it is still the 1st wave to the upside.
In 4 hours that the market will boom-boom-pow by Bernanke, I believe we will see a bearish move on the charts as Fed chief has optimistic outlook.
I visit on EU perfect 5-wave structure. Analyzing from the point of view of the Elliott theory, we should wait for a correction move to the downside.
My pattern has proved 7 minutes after I made the previous article. I set a buy order on EU waiting for the 3rd wave to the upside. My S/L is below 1.4088
3rd wave on EU appears to have been finished. I believe that drawback move will continue now, or it'll retrace.
Following fast-speed retracement about the 1st bullish wave EJcontinued to climb higher. By now wave (4) of 3 is being formed. I intend to place a buy order on EJ following the price touches Fibo retracement levels.
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