Hopefully the chart is self explanatory. My target longer term is about 1.43 - basically the length of the black trendline, so another equal leg up.
We've already had an abc (pink highlight) so now this is the 'X' in between, before the next leg up in my opinion.
So we need an abc(de) or something for the 'X wave - I believe that we've had 'a' and the fomc meeting concluded 'b' (at the time i thought it hadn't but looking at it now all the whipsawing shows that it is (based on my EW count) complete. So... now is 'c'! down to where i dont know but if a simple zigzag, then 1.332! Not sure... got to monitor it as i'm only assuming it will be a zigzag. What happens if its a triangle! One must be adaptable. I'll have to see what happens.
Supporting this view is neg divergence forming on the weekly RSI... will publish another chart with a daily time frame...
We've already had an abc (pink highlight) so now this is the 'X' in between, before the next leg up in my opinion.
So we need an abc(de) or something for the 'X wave - I believe that we've had 'a' and the fomc meeting concluded 'b' (at the time i thought it hadn't but looking at it now all the whipsawing shows that it is (based on my EW count) complete. So... now is 'c'! down to where i dont know but if a simple zigzag, then 1.332! Not sure... got to monitor it as i'm only assuming it will be a zigzag. What happens if its a triangle! One must be adaptable. I'll have to see what happens.
Supporting this view is neg divergence forming on the weekly RSI... will publish another chart with a daily time frame...