I see this pair to be creating the elliott wave structure upwards.
It appears to be making the fourth wave, and I have drawn the fourth wave down to the lowest possible point it could correct to.
If price action passes the fourth wave marker then this count is incorrect.
I also noticed that the Fibonacci retracement marks the 61.8% very close to where I drew the end of the fourth wave.
If price action respects this, then you could look for a very nice buy entry with great risk to reward.
Stops could go just below the top of the first wave as if it goes any lower then the count is incorrect.
Take profit targets could go just below the top of the third (for safety) around the positive 78.6% retracement area.
Any thoughts or pointers are appreciated.
Thanks.
It appears to be making the fourth wave, and I have drawn the fourth wave down to the lowest possible point it could correct to.
If price action passes the fourth wave marker then this count is incorrect.
I also noticed that the Fibonacci retracement marks the 61.8% very close to where I drew the end of the fourth wave.
If price action respects this, then you could look for a very nice buy entry with great risk to reward.
Stops could go just below the top of the first wave as if it goes any lower then the count is incorrect.
Take profit targets could go just below the top of the third (for safety) around the positive 78.6% retracement area.
Any thoughts or pointers are appreciated.
Thanks.