My favorite area is at 1.3240-50, but I am also considering 1.3275 and 1.3190.
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MarcinO
Rep: 67
Posts: 5,506
I think the Pound is heading towards 1.3380-1.34, but it will need a correction.
My favorite area is at 1.3240-50, but I am also considering 1.3275 and 1.3190.
My favorite area is at 1.3240-50, but I am also considering 1.3275 and 1.3190.
DU
Duane
Rep: 100
Posts: 1,095
Great chart Marcin, I agree Higher Klassic ABCD with abcd in the CD leg. Man, you and Rat are good, charts posted in advance with levels. Great work guys, Jim probably figured his work is done here !!
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Duane
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Posts: 1,095
Rat, where do you get the 1.23 from?
"in the event gdx wave major [2] ended at 25.17, major [3] should be underway and target 35.98 where [3]=1.23*[2] and 31.79 - 25.17 = 1.618 at 35.88"
"in the event gdx wave major [2] ended at 25.17, major [3] should be underway and target 35.98 where [3]=1.23*[2] and 31.79 - 25.17 = 1.618 at 35.88"
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MarcinO
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Posts: 5,506
Hi Duane. Great to see you and your charts again in the forum!
Yes, we are looking at the same areas. As they say, great minds think alike.
Yes, we are looking at the same areas. As they say, great minds think alike.
Originally posted by Duane
Great chart Marcin, I agree Higher Klassic ABCD with abcd in the CD leg. Man, you and Rat are good, charts posted in advance with levels. Great work guys, Jim probably figured his work is done here !!
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RA
rat89
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Posts: 7,015
Duane, the ew count as I see it is that PA ended at 26.17, and PB ended at 21.94. PC is underway, and PC=PA at 35.71. PC=1.23*PA at 35.71, and PC=1.38*PA at 40.94.
Within PC, major [1] ended at 30.73, and major [2] was an ABC that ended at 25.17. Major [3] is in play now, and major [1] is 30.73 - 21.94 = 8.79. If you multiply 8.79 x 1.23 = 10.81. 10.81 + 25.17 = 35.98. Either major [3] will be truncated within the bounds of a typical PC move, or PC will expand past 1:1.
Showing major [1] with green line.
Within PC, major [1] ended at 30.73, and major [2] was an ABC that ended at 25.17. Major [3] is in play now, and major [1] is 30.73 - 21.94 = 8.79. If you multiply 8.79 x 1.23 = 10.81. 10.81 + 25.17 = 35.98. Either major [3] will be truncated within the bounds of a typical PC move, or PC will expand past 1:1.
Showing major [1] with green line.
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Click image for original size
Originally posted by Duane
Rat, where do you get the 1.23 from?
"in the event gdx wave major [2] ended at 25.17, major [3] should be underway and target 35.98 where [3]=1.23*[2] and 31.79 - 25.17 = 1.618 at 35.88"
MA
MarcinO
Rep: 67
Posts: 5,506
There goes a reaction. My levels down for the Pound are 1.3330 and 1.3305.
If it breaks below yesterday's LOD it may drop to 1.3260 (a realistic goal for today), 1.3220 and later maybe to 1.3160.
If it breaks below yesterday's LOD it may drop to 1.3260 (a realistic goal for today), 1.3220 and later maybe to 1.3160.
MA
MarcinO
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Posts: 5,506
ES looks like ready to roll over from here.
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MarcinO
Rep: 67
Posts: 5,506
If it continues down, my next areas are 68-70, 62 and 50-53.
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MarcinO
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Cable's price action sucks so far. They dropped it by 30 pips off my level, but no serious sell-off after that.
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rat89
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tricky
Originally posted by MarcinO
ES looks like ready to roll over from here.
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rat89
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within major [3], minor 1 ended at 28.70. Minor 2 targets 50-62% retrace at 26.94 - 26.52. Once minor 2 is over, minor 3 should get under way, and that's the sweet spot - 3 of [3] - an impulse wave within an impulse wave
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Originally posted by Duane
Nice ABCD forming on XAU hourly, thanks for this one!! Great trade.
Originally posted by rat89
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