EUR/USD -28/03-2023-
Suggested Elliott wave analysis
• Rule #1: Wave 3 can never be the shortest impulse wave (applies here)
• Rule #2: Wave 2 can never go beyond the start of wave 1 (applies here)
• Rule #3: Wave 4 never enters the territory of wave 1 (applies here)
Wave 2 usually retraces between 50% to 61.8% of wave 1 (applies here and shown)
Wave 3 is the longest
Wave 4 usually retraces around 38.2% of wave 3 (applies here and shown)
If the assumption is correct, we are now in wave 5. This is a very simple and basic Elliott wave drawing, I am still not really advanced at it.
Let me know your opinions,
Thank you
• Rule #1: Wave 3 can never be the shortest impulse wave (applies here)
• Rule #2: Wave 2 can never go beyond the start of wave 1 (applies here)
• Rule #3: Wave 4 never enters the territory of wave 1 (applies here)
Wave 2 usually retraces between 50% to 61.8% of wave 1 (applies here and shown)
Wave 3 is the longest
Wave 4 usually retraces around 38.2% of wave 3 (applies here and shown)
If the assumption is correct, we are now in wave 5. This is a very simple and basic Elliott wave drawing, I am still not really advanced at it.
Let me know your opinions,
Thank you
Ramzi Abou Abdallah, CFTe, CMT
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