Within the $EUR/USD. The pattern that I’ve been tracking for about a month The $EUR/USD. About a month-long cumbersome Expanded Flat, a roller coaster ride to say the least. Right before giving up, the pattern unveils itself. In difficult times of uncertainty, you may have to step away and let the pattern form. You can’t force the market into action.
Do you blame the market for The Covid-19 quarantine and why it has been behaving oddly? I will ask you this again, later.
First off, Wave A formed what appeared to me as a leading diagonal. Strongly; It meets all the rules and guidelines of what appeared to be a leading diagonal. Psychologically, once bearish, now I’m changing my analysis bullish. I should have set back and been a bit more patient and waited it out. Instead, I got excited and begin to look for my setup. Everything displayed as an #endingdiagonal. Even to the fast drop that happened after Wave 5 of A.
Now Wave B is in full effect; And, the drop-off to the downside is crazily unyielding (again, all the signs of a diagonal pattern). Wave B begins to act strangely, just as B waves do. A lot of times, B waves will make you lose your place and count behaving unorthodox.
Fast forward, we make a new low. This tells me this is no Leading Diagonal for Wave A. Immediately after the new low for Wave B, a force up for Wave C, engulfing more than 2.5 of the previous three candles
Insight of Extended 5th Waves
Traditional diagonals are five waves, this particular pump fake me out and was extended, in my opinion. Elliott spoke about Wave 5 extensions of impulse waves, extensions of triangles developing into 9 waves instead of 5. Now I witness a never heard mention of before a 9 wave Expanded Traditional diagonals are five waves, this particular pump fake me out and was extended, in my opinion. Elliott spoke about Wave 5 extensions of impulse waves, extensions of triangles developing into 9 waves instead of 5. Now I witness a never heard mention before 9 wave in Expanded Diagonal; Again; Do we The Covid-19 quarantine for the breath of market? Who knows. But, this is where I understood what I’d studied about double and triple threes take the place of flats and triangles.
With everything falling into place, getting ready for a setup, and about to enter into this trade, possible extensive fall to the downside completing what is believed to be Wave 5. We will see. I will break this pattern down in my soon to be published E-book. Stay tuned!