EurNzd Elliottwave chart
This is purely so I can practice for my elliottwave exam.
This could be a wave 5 move of the greater trend, or this could be a wave 5 of the wave 3 of the impulse.
I am more convinced that this is the wave 5 of the greater impulse since we have seen a move to the 1.65, which is the usual wave three target.
This seems like an impulse since it meets the following critere:
Broke out of the base channel
Can not be contained within parallel lines
A 5 wave move, followed by a 3 wave, followed by and extended 5 wave move and then a 3 wave.
The wave 2 and the wave 4 show the alternation guideline. Wave 2 is short and a zigzag, where as wave 4 seems to be a longer flat or triangle shape.
Target for this trade is 2.414-2.618 range.
Expermenting with time analysis
Since the wave 4 divides the impulse in fibonacci time and or price, I am assuming that the end of the wave 4 means the wave is 0.786% done. I expect that the final wave should end April 7th 2021 at 12:30 or sometime between 8:00 and 13:15
This could be a wave 5 move of the greater trend, or this could be a wave 5 of the wave 3 of the impulse.
I am more convinced that this is the wave 5 of the greater impulse since we have seen a move to the 1.65, which is the usual wave three target.
This seems like an impulse since it meets the following critere:
Broke out of the base channel
Can not be contained within parallel lines
A 5 wave move, followed by a 3 wave, followed by and extended 5 wave move and then a 3 wave.
The wave 2 and the wave 4 show the alternation guideline. Wave 2 is short and a zigzag, where as wave 4 seems to be a longer flat or triangle shape.
Target for this trade is 2.414-2.618 range.
Expermenting with time analysis
Since the wave 4 divides the impulse in fibonacci time and or price, I am assuming that the end of the wave 4 means the wave is 0.786% done. I expect that the final wave should end April 7th 2021 at 12:30 or sometime between 8:00 and 13:15
Trade closed: target reached
It is incredible to think that we hit the top at 10 am, which was only a couple candles off of my original idea. All in all, a really well-planned trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.