EURUSD/ Wave 5 is terminated/ Next target 1/3 of the privious 4
Price on Thursday rally up to 1.23082 and follow by the sharp downward move, this one causes me some money but it's fine ahaha, because if the trend really changes there is more room to trade.
From the book called " Mastering Elliott wave by Glenn Neely" - The degree of the next wave must retrace 1/3% Fibonacci of the previous wave which is 1.20726 but normally from my experience it mostly retraces to 38.2% Fibonacci at least or even 50% is possible. Then the price will move upward it can form a wave b or wave 2 but shortly I think the price will fall after the new year.
How to trade?
I suggest trade mid-long term because the price already dives down a lot, you can wait for a pullback around 38.2/50% of the price which related to the previous high that can be a resistance zone.
For me, I will wait and enter the trade in a shorter time frame. If I see the opportunity when the price pullback I will make another analysis.
Warning!!
This may not be the end of wave 5 of the pattern, it can also be wave x1 of wave 5 which is corrected to form wave 2 of wave 5(it means wave 5 is not yet finished. But rarely this will happen because of the rule of equality and degree.
Wish you guy Happy New Year!
Pause trading for a day and enjoy your life with your family
For those who stay alone don't be sad, you can celebrate with me and with candles ahaha
"Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets"
From the book called " Mastering Elliott wave by Glenn Neely" - The degree of the next wave must retrace 1/3% Fibonacci of the previous wave which is 1.20726 but normally from my experience it mostly retraces to 38.2% Fibonacci at least or even 50% is possible. Then the price will move upward it can form a wave b or wave 2 but shortly I think the price will fall after the new year.
How to trade?
I suggest trade mid-long term because the price already dives down a lot, you can wait for a pullback around 38.2/50% of the price which related to the previous high that can be a resistance zone.
For me, I will wait and enter the trade in a shorter time frame. If I see the opportunity when the price pullback I will make another analysis.
Warning!!
This may not be the end of wave 5 of the pattern, it can also be wave x1 of wave 5 which is corrected to form wave 2 of wave 5(it means wave 5 is not yet finished. But rarely this will happen because of the rule of equality and degree.
Wish you guy Happy New Year!
Pause trading for a day and enjoy your life with your family
For those who stay alone don't be sad, you can celebrate with me and with candles ahaha
"Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets"