OK, just for a bit of short_term
fun ... Here is a
2_Hourly Chart(most of the time I use one for fine-tuning entry/exit points).
What has happened
since the 13c Low? Well to be honest, from a chart perspective, its a bit "messy", especially if you try to apply some EWT(Elliott Wave Theory for those who are not so familiar), and identifying the Fib range(s) that appear to be the controlling swings ta
hat need to watched.
So here's my attempt ... Re:
Fib ranges ... I have shown 3(all different time-frames) ... with
the most important one coming out of the 13c low. Regardless, you can see with all 3 there was some potential resistance in the mid 40's range(as did the longer-term ranges I have shown previously); two more 'classic'(2.618% and 4.618%) and one not so(2.382%) all coming in at today's early high ... 46c. BUT, but the important thing here is that all the ranges shown still have more potential upside b4 completion (albeit, the minor one only to 50c).
This brings me to my 'attempt' for a realistic
EWT count mentioned above. I've said b4, after many years of using and studying EWT I personally came to the conclusion I could not rely on it as a stand alone TA trading /analysing tool. Instead I came to accept it was
better to use its Wave Personality qualities(i.e. identifying where the SP action was
Impulsing or Corrective). Having said that, and as I said for a bit of
fun, I have labelled my "wave count" coming out of that 13c (pivotal) low. Simply said, this count satisfies wave relationship counts on the way out of the 13c L and up to this recent 46c H with very near perfect levels for wave extensions. IT also highlights that
there is unfinished upside to go(to complete the two larger degree 5-wave counts ... the minor one probably was completed at the 46c high). SO, maybe after a minor corrective wave ... down somewhere within that wave (iv) band ... FFX should resume its current NNE Impulsive waves labelled to complete their standard 5-wave moves. AND, unless the bottom tyne of the AP shown, or more conservatively, the lower line of the(purple) channel shown is breached,
FFX's Uptrend is still very much alive.
Have "FUN" trying to understand all this ...
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