EURNOK - An Elliott Wave Masterpiece! (+17,000pip Target!) ✨
EURNOK is currently giving us a masterclass on Elliott Wave.
We have the perfect impulse schematic, which follows every rule of Elliott Wave Theory.
IMPULSE ELLIOTT WAVE SCHEMATIC
Wave 1 = 5 waves (Impulse)
Wave 2 = 3 waves (Correction)
Wave 3 = 5 waves (Impulse)
Wave 4 = 3 waves (Correction)
Wave 5 = 5 waves (Impulse OR Correction in the form of a diagonal)
We can see that wave 2 was a simple correction and when that happens, it is often expected that wave 4 will be a complex correction. In this scenario, we have wave 4 appearing as a complex Flat correction (3-3-5).
We are currently in the wave C of the flat correction = 5 subwaves. We are seeing subwave 4 now and expecting one final subwave lower to complete wave C.
SHORT Trade Idea:
- Watch for subwave 4 to breakdown and enter with stops above subwave 4
- It's anticipated that we stay below 11.577 so having stops above that level will be fine for a risk entry
- Target: 11 (5000pips)
LONG Trade Idea:
- Once we reach the buy zone, watch for reversal signs such as BOS or trendline break
- Enter with stops below the lows once reversal signs appear
- Targets: 11.5 (5,500pips), 12 (10,000pips), 12.5 (15,000pips), 12.8 (18,000pips)
We do hope you learnt a thing or two from this post. Let us know your thoughts below!
Goodluck and as always, trade safe!
We have the perfect impulse schematic, which follows every rule of Elliott Wave Theory.
IMPULSE ELLIOTT WAVE SCHEMATIC
Wave 1 = 5 waves (Impulse)
Wave 2 = 3 waves (Correction)
Wave 3 = 5 waves (Impulse)
Wave 4 = 3 waves (Correction)
Wave 5 = 5 waves (Impulse OR Correction in the form of a diagonal)
We can see that wave 2 was a simple correction and when that happens, it is often expected that wave 4 will be a complex correction. In this scenario, we have wave 4 appearing as a complex Flat correction (3-3-5).
We are currently in the wave C of the flat correction = 5 subwaves. We are seeing subwave 4 now and expecting one final subwave lower to complete wave C.
SHORT Trade Idea:
- Watch for subwave 4 to breakdown and enter with stops above subwave 4
- It's anticipated that we stay below 11.577 so having stops above that level will be fine for a risk entry
- Target: 11 (5000pips)
LONG Trade Idea:
- Once we reach the buy zone, watch for reversal signs such as BOS or trendline break
- Enter with stops below the lows once reversal signs appear
- Targets: 11.5 (5,500pips), 12 (10,000pips), 12.5 (15,000pips), 12.8 (18,000pips)
We do hope you learnt a thing or two from this post. Let us know your thoughts below!
Goodluck and as always, trade safe!
Want more chart ups like this? Click the links below:
Forex: t.me/Wicktator
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Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
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