TheLFB-Forex.com A Forex Trader Portal
Chart of the Day:
Daily chart trend: Mixed. Main price points: 1.5705, and 1.7041. Looking for: A complex wave IV
Over the past months of price action the market was unable to hit new highs, and as such a Short, corrective wave is still developing.
In a red wave IV, the market is forming a more complex correction than firstly thought, so we are seeing (NYSE:W)-(NYSE:X)-(NYSE:Y) pattern form, with wave (Y) that is in process. The current wave count structure signals for a move below 1.5705 support over the following weeks, once a black wave B) is complete.
Follow Elliott Wave charts and updates on twitter.
Trade Signals and Plans Straight Off The Meta 4 Charts- Get TheLFB Trader Advantage
Disclosure: Short Cable