Are we ready to answer the important question from the last post? May be.. At least we saw something interesting on the charts and want to share it with you now.
Today we would like to go for short term chart. Why ?
One picture is better then 100 (in some cases even 108) words:
There is finally a very nice 5 waves advance. The heart of Every Elliott Waves analytic starts pumping the blood a bit faster after seeing such a nice pattern. In our case we had also a nice “zig-zag” correction afterwards: (a)-(b)-(c). What came however the next isn’t clear so much.
It could be:
- another motive wave and wave (1) of (3). It means, the strong rise should follow soon.
- another motive wave, but second part of zigzag. It means end of rise and drop again.
- a three wave as a part of the Flat. It means the correction to that nice 5 waves move is still underway.
So, we still have some questions to be answered. Yet, as we are looking at the rather short-term charts, we should get the new price information pretty soon.
Tomorrow lunch time (european) we should have much more food on our Elliott plate.
For the time beign the important level to watch is the top of “??” (0.02085). If we brake it, the chances are we will be in a 3-d of a 3-d wave. It will be easy to recognise one, in case this is what the market prepared for us.
Take care. Plan your next trades, the picture is getting more and more clear. But then also trade you plan.
The Elliott Wave Principle describes the behaviour of the financial markets. This Principle is build on the mass psychology swings from pessimism to optimism and back in a natural sequence. When these swings happen, the specific Elliott wave patterns in price movements are created and become visible. Each pattern has implications regarding the position of the market within its overall progression, past, present and future.
The purpose of our blog posts is to outline the progress of markets in terms of the Elliott Wave Principle.
While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will my posts make specific recommendations for any specific person, and at no time may a reader or viewer be justified in inferring that any such advice is intended.
Very important. Investing carries risk of losses. You should be aware of all the risks associated with investing/trading financial instruments. Information provided in this blog is expressed in good faith, but it is not guaranteed.
The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities.
This blog and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions.
In no event will we be liable for any loss or damage on your account in connection with the use of our publications.