The question still remains: is this a 4th wave triangle looking for continuation uphill or is it a 'B' wave in the 4th looking to break down in 'C'. Not a lot of help from the momentum study either, so at this degree, whilst price is still in the pattern, I am only looking for 'abc's.
The MMA study suggest that 'b' down is likely to give way to at least 'c' up, if not already started. If it turns into something bigger then great. Little bit of work to do, but it does look like it does want to 'cut' uphill.
The cyclic phasing study, appears to confirm that the last low at 96.554 was the nested low and as such, seems to support the 'b' wave retracement as discussed above. However, both the weekly and monthly FLD's need breaking above to confirm. If that nested low gives way, I'd be thinking that the triangle was just the 'B' wave and we'd be in 'C' down. If that were the case, I'd be waiting for the momentum study to go overbought, to sell.
what is the target of that C wave?
ReplyDeletea=c would be my first bet - still think it is the 'e' wave before the drop. We shall see.
ReplyDeletesorry...but where is your a in your chart?
ReplyDelete