The author has a feeling that many of the readers here would like to get more often updates.
So here comes the experiment.
The attempt will be made now to post few updates a day, giving the short-term Elliott Waves analysis.
As these waves could change relatively fast, you could either ignore the posts with the titles like “Short-term waves…” (in case you interested in a bigger picture). Or if you want to get them on time, you can also subscribe to the blog so that the notification will be send when the new update is published.
The usual updates with bigger picture will also come and they will have more creative subject names =)
Ok, let’s start.
From the top yesterday we have failed a-b-c correction down (it means wave “c” couldn’t manage to go lower then the previous wave “a”) and then what looks like at the moment as another a-b-c move up. Three waves down, then three waves up, as the next should come what? 5 waves down to complete the Flat. However, in order to give this pattern more credibility, we need to go below 0.02930 first. By the way, as a side note, this failure is a perfection in itself, it shows how bullish and unpatient the market became now.
The move up can, however, also morph into the full 5 waves.
Which way the market choose we will talk in a few hours.
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.
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