Move up from 2.877 (3.19.2014) low – 3.074 (4.2.2014) high was a corrective 7 swing Elliott wave structure. 7 swings is a corrective sequence and our system is also confirming the end of a cycle from 2.877 low, therefore preferred Elliott wave view is that wave “X” has completed and decline has resumed for new lows below 2.877. This view remains valid as far as price is below 3.074 low. A break of 3.074 would suggest that was only the end of wave A of X and correction will then extend further toward 3.13 – 3.15 area before sellers appear again and decline resumes.
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