The chart shows a completed impulse wave (1 through 5), followed by the start of a corrective ABC pattern. Currently, the chart depicts wave (a) as complete and wave (b) in progress, with a potential wave (c) projected downward.
The dotted line extending from the end of wave (b) suggests the expected path of wave (c), which is typically a move in the opposite direction of the trend established by the preceding impulse waves. The target level for wave (c) is indicated at 1.06548, which would complete the corrective pattern before the potential resumption of the main trend.
Elliott Wave theory is used by traders to predict price movements by identifying recurring wave patterns in asset price charts. These patterns reflect the sentiment of the market participants and can indicate potential price targets and reversals. However, trading based on Elliott Wave theory requires experience, as wave counts can be subjective and require confirmation from additional technical indicators or analysis.
The dotted line extending from the end of wave (b) suggests the expected path of wave (c), which is typically a move in the opposite direction of the trend established by the preceding impulse waves. The target level for wave (c) is indicated at 1.06548, which would complete the corrective pattern before the potential resumption of the main trend.
Elliott Wave theory is used by traders to predict price movements by identifying recurring wave patterns in asset price charts. These patterns reflect the sentiment of the market participants and can indicate potential price targets and reversals. However, trading based on Elliott Wave theory requires experience, as wave counts can be subjective and require confirmation from additional technical indicators or analysis.
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