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The image above shows my preferred count on this currency pair. The declines from the 2008 high seems corrective and we are most likely going to see the 2008 high breached eventually. The count presented above is of a double zigzag decline which concluded as of the 22 july low. A point to note is how the decline took us to the preceding 4th wave zone and rallied from there. It looks like we are rallying impulsively since. the impulsive wave still has one more leg to the upside to conclude as presented above. After which the advance will be labelled 1/A and we'll be looking to long on a corrective set back. But as for now I would suggest holding on to any longs from lower prices in anticipation of a 5th wave rally to new highs.
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Regards,
Ahmed Farghaly
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ReplyDeleteElliott Wave Theory is a method of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies waves identified as impulse waves that set up a pattern and corrective waves that oppose the larger trend.
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