Price and Time - An Elliott and Gann Combination
Last month, I recommended a long position for USD/JPY with a target price of 112.40. This is based on the ABC correction pattern of Elliott Wave theory.
Today, let's take a look at the time and how I estimated the time duration. It is based on Gann's theory of Price equal Time.
If you look at the A leg of the EW. It began on 20 Aug 2100. and reached a high on 29th Aug 0900. That was 7.5 days.
If you look at the B leg of the EW. It ended on 6 Sep 1700. That was about 6.5 days.
If you look at C leg, it should be about 6-7 days.
Today is the 7th day. Today we should see 112.40. If it falls short of price, the time is weak. It could also extend. I will talk about the time cycle component another time.
Let's see if price will reach 112.40 today or tomorrow.
Today, let's take a look at the time and how I estimated the time duration. It is based on Gann's theory of Price equal Time.
If you look at the A leg of the EW. It began on 20 Aug 2100. and reached a high on 29th Aug 0900. That was 7.5 days.
If you look at the B leg of the EW. It ended on 6 Sep 1700. That was about 6.5 days.
If you look at C leg, it should be about 6-7 days.
Today is the 7th day. Today we should see 112.40. If it falls short of price, the time is weak. It could also extend. I will talk about the time cycle component another time.
Let's see if price will reach 112.40 today or tomorrow.
Related publications
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.