News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Guest Commentary: MarketVisionTV - Simple or Complex Targets Should be the Same!

Guest Commentary: MarketVisionTV - Simple or Complex Targets Should be the Same!

Don Haines at www.MarketVisionTV.com,
Guest_Commentary_MarketVisionTV_Simple_or_Complex_Targets_Should_be_the_Same_body_AussieFeb17.png, Guest Commentary: MarketVisionTV - Simple or Complex Targets Should be the Same!

While we remain quite comfortable with the fact that the decline from the third wave peak of 1.0845 is corrective and will eventually break higher, we are still wrestling with the structure of the pattern. Were if not for this particular wave sequence in a 3 wave format where we should have seen a 5 wave pattern, we could just label the drop to 1.0625 an A wave and the rally to 1.0800 a B wave. This would project a C wave decline equal to the A wave of 1.0580. However, from a timing standpoint, this three wave decline to 1.0625 may be an interim B wave low in a more complex double flat pattern that could still force an interim drop to 1.0640 and a final attempt at 1.0775 to 1.0800 before the second and final decline to an ideal 1.0575-1.0580 target zone. This lower level represents a full 38.2 percent correction to the entire rally from 1.0140 and should set a base for the next leg of uptrend to 1.0920 and probably a rally to test the 1.1080 medium term peak.

By Don Haines, MarketVisionTV.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES