Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I 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.

Friday, 18 October 2013

EURUSD: Time Gentlemen Please!

Range bars provide a useful clarity at times like this for counting Elliott waves and assessing momentum of those bars. All of 'v' of wave 3 and wave 5 have been unmasked by the MACD, which in itself is a MACD of the momentum study. I will bank the vicinity of yesterday's low, the H&S neckline and the diagonal LTL of the bounces down. This is also the 85.4% speedline area of the move up (not shown on this chart), so looks good for a bounce near S2.
Here is the next timeframe out using normal time and price chart. The count is for the Expanding Flat wave 4 rather than wave 5. Note the 262% of the pink a-b extension is at 1.3705 - now that is close to the 1.3710 top indeed!

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