ElliotW15

ElliotW15

Hi guys here is my analysis of the Dow Jones that I use as a base when looking at my FX pairs. When taking a Fibonacci Retracement from the huge downside leg, price has not came to the 38.2% yet, which lines up with the long term trendline When taking the smaller Fib Retracement, there is STRUCTURE around the 61.8% level. I could see the Dollar moving down...

ElliotW15

Tell me if you agree or disagree and if this helps you

ElliotW15

Based on the 1 week timeframe, the overall trend is a downtrend. If price breaks that trendline and the 200 MA, that could see a change into an uptrend and would be certified by the morning star. However if the price breaks the smaller uptrend trendline, that can show a continuation in a downtrend. MACD could show a gaining momentum in the uptrend potentially...

ElliotW15

Noticing the morning star showed that the trend was going to move in the upward direction. Then there was a series of lower highs and higher lows forming a symmetrical triangle, caused by consolidation in the market. The market can now either move in an upward or downward direction. You can place a one-cancel-other position. When the price reaches a certain price,...