Elliott Cypher Combo
The EURUSD appears to be putting in a bottom as far as I'm concerned. An Elliot count currently lines up with a larger fifth wave terminating in the current price range from 1.2985 and possible further targets below. Unfortunately, month end re-balancing acts must take place by larger institutional traders, as such, I will assume a EUR heavy stance looking to unwind into tomorrow.
Current price action has failed to penetrate the lows, and if anything, has been grinding away at late arrival sellers. I am currently long and will look to target the D point (1.3068/70) of the Cypher which is still in play. I suspect this will act as resistance to form the minor wave 2, or wave 4 correction, for the larger wave 3 impulse.
Final targets for longs will be covered at the 100-161.8 Wave 1 price projection. Half the trade will be closed at the Cypher D point and a double sized short will be activated; a stop just above the 0.886 fib of the Cypher for the short hedge should suffice, the other half will be closed on a breach of X.
Cypher sell tragets: Fib retracements of the whole leg up from 1.2985
TRGT 1: 1.3048
TRGT 2: 1.3036
TRGT 3: 1.3017
Seeing as the current elliott count has completed Wave 1, and is just finishing an irregular ABC correction I will adjust targets for the Cypher depending on projected wave points rather than relying solely on the fib retracements.
Note: Should the 1.2985 level fail then the entirety of this trade setup will be invalidated for taking shorts.
Current price action has failed to penetrate the lows, and if anything, has been grinding away at late arrival sellers. I am currently long and will look to target the D point (1.3068/70) of the Cypher which is still in play. I suspect this will act as resistance to form the minor wave 2, or wave 4 correction, for the larger wave 3 impulse.
Final targets for longs will be covered at the 100-161.8 Wave 1 price projection. Half the trade will be closed at the Cypher D point and a double sized short will be activated; a stop just above the 0.886 fib of the Cypher for the short hedge should suffice, the other half will be closed on a breach of X.
Cypher sell tragets: Fib retracements of the whole leg up from 1.2985
TRGT 1: 1.3048
TRGT 2: 1.3036
TRGT 3: 1.3017
Seeing as the current elliott count has completed Wave 1, and is just finishing an irregular ABC correction I will adjust targets for the Cypher depending on projected wave points rather than relying solely on the fib retracements.
Note: Should the 1.2985 level fail then the entirety of this trade setup will be invalidated for taking shorts.
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