Thursday, August 6, 2015

The Long Journey of Euraud

The long term cycle impulse wave from 2.1144 in 2008 to 1.1514 in 2012 is expected to be followed by a 3-wave correction of the same degree ( according to the wave principle).

The first leg of this correction ended in a 5-wave impulse primary wave and it's also expected to correct in 3-waves of the same degree which I once forecast to end at 1.3250 before the diagonal that formed at 1.36175.

This diagonal prompted me to believe that the primary wave correction was over.

From 1,36175, price was expected  to complete the last leg of the cycle wave correction in a move that should break above i.58619. The rally from 1.36175 was rather a correction ( double zigzag) and this changed my view that the primary corrective wave might not be over yet and I favour price reacting to the correction in a new impulse wave down to 1.265.

price can move in many other ways and it speaks better when viewed from the lower time frames.

Follow the intra day analysis which I update daily in order to track down probable price patterns formed along the wave count.

Click here

Chart EURAUD, W1, 2015.08.06 09:49 UTC, IronFX Financial Services Ltd., MetaTrader 5, Demo
Weekly chart of Euraud

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