Wave analysis fan club - page 47
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Decided to take a look at the day timeframe today and this is what came up:
Is anyone considering this option?
I'm considering this option
My view, on the USDCHF. The price, has broken through critical levels and continued to rise. Therefore, I put another, alternative variant of the mark-up (a zig-zag model is formed). I think that now, forming a [c]-wave (zig-zag) of 4-correctional wave. If the assumption is correct ( a [c]-wave zig-zag is formed), then we are waiting for a five-wave growth movement in the impulse style or a KDT will be formed.
After the completion of the correction as a 4-wave, I expect further price declines, and formation of a 5-wave, rate declines. 5-wave, may form in impulse style or as a QDT .
Decided to take a look at the daily timeframe today and this is what came out:
Is anyone considering this option?
In my opinion the variant is correct, there will be an upward wave and I assume quite powerful. But taking into account that everybody knows this variant, or almost everybody, a flat up movement is also possible. Further, judging by your markup, most likely, you are marking without taking into account the wave levels and the criterion of the beginning and the end of the wave. There will be a lot of mistakes that way. Add a trend line, it will show the direction of the wave and the end, in case it is broken through, even by a point. For a reversal, it is necessary to break the trend line and the horizontal level, i.e. the base of the last sub-wave. On your screenshot, I added the trend lines and the horizontal level. You can see the breakdown of the trend lines of the corrective wave, the blue line, which means that a separate wave on the level equal to this wave started. Now the key level is horizontal, in red on the screenshot, its breakthrough will show the end of the entire corrective wave. Then upwards, or a new wave of momentum, or a correction if the wave under the blue trend line is the first. Until the red trend line is broken through, the trend is up.
Apparently, this is what's going to happen. "The Bulls have been hit with news of a possible deposit tax foreigners in Switzerland. Most likely, market will wait for confirmation of the news, and there will be no serious ROTH movement.
So far, these are the thoughts
Quite agree with you. It could go lower by working out the diverging triangle on the chart targets. When the widest point of the triangle is measured and that distance is taken from the support breakdown point:
But if you look at the 15 minute tf, you can see a fully worked out impulse:
And I'm in a hurry as always...(the uppermost buy opened on a converging triangle on the 5 minute tf, still have to choose... work or trade).
Quite agree with you. It could go lower by working out the diverging triangle on the chart targets. When the widest point of the triangle is measured and that distance is taken from the support breakout point:
But if you look at the 15 minute tf, you can see a fully worked out momentum:
And I'm in a hurry as always...(the topmost buy opened on a converging triangle on the 5 minute tf, still have to choose... work or trade).
Don't rush, it is too early to talk about a triangle, because even the [C] wave is not over yet. If memory serves me correctly Prektor (in his book) wrote that triangle is a rare figure and it should be marked when E wave is clearly coming.
I am now leaning more towards the variant in which wave ii is in the form of a plane (3-3-5).
For example the weeks closing prices, there is a triangle here (IMHO)