Euro Hkd Trade longThe analysis is as follows:
Currently, we are in the wave five of a primary impulse wave.
What makes me believe this idea, is that there is clear alternation in the waves 2 and 4. Wave 2 is a short and deep zigzag, whereas wave 4 is a long and shallow triangle.
The wave 3 is CLEARLY extended, and this is obvious from its very shallow corrective waves, and its comparatively larger subwave divisions.
The wave 3 also happens to perfectly hit an wave 3 extended target of 2.618 the distance of wave 1.
The wave 4, only has one concerning feature. The spike through the upper boundary, could be a red flag, but I am choosing to look beyond this since it appears to be a margin call of some sort.
I believe that this will continue up until the 3.618 extension, or the 9.32136 or the 9.3330 area.
My only concern is that we have alread moved beyond the triangle thrust measurement, which is the minimum distance for the wave 5 to travel. As a result, it would make sense for the wave 5 to retrace from this point.
(This is represented by the red line)
Assuming my count is correct and this moves to the 3.618 area, I would think that it is going to move back to the wave 4 low, at the very minimum. This would provide for a very great trade setup.
Mika K time prediction technique
I have yet to use this on a triangle, but I am excited to see what happens. I am placing the end of the wave 4 at the 0.768 fib time zone, which shows me that the wave 5 should be done around 11:00-8:00 pm on april 15th. I am actively looking for ways to be more accurate with my time predictions, but for now this is fine.
