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Elliott_Wave_Count
Jan 9, 2018 10:05 AM

EURUSD Elliott Wave Count Daily Short

Euro Fx/U.S. DollarFXCM

Description

EWC Update

Trade closed: stop reached

Comments
TheElliottWave
Hi. Why do you think it would retrace to 38.2%?

Isn't wave 5 already progressing?
Elliott_Wave_Count
@SCALAN, 1) Wave 4 usually and often retraces to 38.2%
2) Near level 1.1478 has been finished previous wave (wave A on my chart). So it's potential support/resistance level.
3) 38.2% - it's not the only strong level where market could go, 50% is also interesting level and it can be combined with lower line of parallel channel.
To sum up, from now I'm expecting move down. I will provide the next update after important price action on the chart.

Thanks for your question!
TheElliottWave
@Guerrera, Thanks for the good explanation. Looking forward to it...
TheElliottWave
@Guerrera, that didn't go well my friend :) How do you change your view regardint EWT? Is wave 5 progressing?
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