As expected , the apex of a neutral triangle with reverse alternation in wave D has provided strong support sending the pair towards 1.39-1.40 level. An excellent opportunity to go long will briefly appear when price goes back to 1.2750-1.2830
Paco;
You have some interesting geometric shapes in your analysis. But, based on the labeling in this chart, how did you come to the conclusion that we are in a triangle? The basic premise of triangle analysis is that a line drawn from point A to point c should converge with a line drawn from point b to point d.
You have some interesting geometric shapes in your analysis. But, based on the labeling in this chart, how did you come to the conclusion that we are in a triangle? The basic premise of triangle analysis is that a line drawn from point A to point c should converge with a line drawn from point b to point d.
Thanks in advance.
Good Luck.
aero,
I believe you're talking about a triangle in wave E. First of all, wave b takes less time than wave a. Accordingly to neowave, it is only possible in triangles and in diametrical/symmetrical formations. Moreover, wave c is not impulsive this fact rules out both flat and zz in wave E. Taking into the account that wave c is larger than wave a I've come to conclusion that the neutral triangle (c>a,e) is unfolding in wave E. In neutral triangles the baselines are connecting the ends of A/E and B/D. Another possibility would be an expanding triangle (e>c>a), but the wave count on larger TF doesn't allow the appearance of expanding triangle in the last leg of a higher order contracting triangle.
I believe you're talking about a triangle in wave E. First of all, wave b takes less time than wave a. Accordingly to neowave, it is only possible in triangles and in diametrical/symmetrical formations. Moreover, wave c is not impulsive this fact rules out both flat and zz in wave E. Taking into the account that wave c is larger than wave a I've come to conclusion that the neutral triangle (c>a,e) is unfolding in wave E. In neutral triangles the baselines are connecting the ends of A/E and B/D. Another possibility would be an expanding triangle (e>c>a), but the wave count on larger TF doesn't allow the appearance of expanding triangle in the last leg of a higher order contracting triangle.
Thanks for the explanation. I appreciate the response. Is the neutral in his book?
Here is my recounted chart. I think it is an A wave of E. You will notice in this count, the wave ended near the top of wave iv. The correction should travel to the range of wave 4 of 1 lesser degree which would be in line with my estimates on yesterday of 3215-3550.
Thanks for the explanation. I appreciate the response. Is the neutral in his book?
Good Luck.
you're welcome! no, the neutral one is not in his book. it's one of the neowave type formations. you can gather some information about neowave from Neely's website (see "question of the week").
you're welcome! no, the neutral one is not in his book. it's one of the neowave type formations. you can gather some information about neowave from Neely's website (see "question of the week").
That is an interesting concept Pacos. Help me out understanding that I just heard of it today but, as I read it, In order for a triangle of any type to occur, wave b has to take less time than a. Here, wave b is 5 times the time of a. He also states that a triangle only occurs in wave c or e. In Prechter's book, the triangle should mimic the larger triangle. In my wave d, your wave e the triangle broke to the down side.
Is Neely contradictory? If the market is truly fractal the smaller version of the triangle should look like the larger version. What is your view? Thanks.
since a corrective move from a steep w3 decline
the drop seems to be developing into leading diagonal
if this count is right, then after the corrective w2 of 5 completes
then start of w3 of 5 will begin
Good luck
daily and 4hr zoom in
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.