Marketiva forex trading – Elliott wave analysis explained
Cable act a bit bullish today with a test of today low at 1.9388 at Asian and make High of the day at 1.9473 in early US trading session.There is not much economic data released today.European and New Yorker seem to continue with friday movement firmly after most Asian takes Yen Crosses to low of the day.
Technically,on my point of view ,I saw a nice wave patern from price action today.There is a possible Elliott wave IV performed today.This make next movement will be wave V.This final wave can be bigger than wave I and Wave III,but if there is still a few possibilities on this final wave.
1st scenario is GBP/USD will break current resistance at 61.8% 20days fibonacci retracement and expend to 161.8% 3days fibonacci expension at 1.9580 area.We call this a wave V expansion.After this expansion usually there will be a consolidate movement for a while.
2nd scenario is GBP/USD will break current resistance at 61.8% 20days fibonacci retracement but failed to expand .Wave V completed at 1.9530 area.A moderate abc patern then may occurred.
Final scenario is,Cable failed to break nor get near 61.8% fibo zone (1.9500 area) .This is called Wave V-failure.Usually when this happen there is a possibility a big reversal will happen.
I wish that with this little wave analysis you can make a good strategy at few important areas.
I’ll make a more analysis using Elliottwave from time to time.
Best regards,
Online bisnes .
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