In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDSEK , published in members area of the website. As our members know, USDSEK has incomplete bearish sequences in the cycle from the 9.9632 (October 9th) peak. Consequently, we advised members to avoid buying the pair and keep favoring the short side. We expected USDSEK to keep on finding sellers in the sequences of 3,7,or 11 swings. In further text we’re going to explain Elliott Wave Forecast and trading strategy.
USDSEK h1 Hour Elliott Wave Analysis 11.5.2019
Break of 10/24 low made the incomplete sequences in October cycle. The pair is bearish against the 9.7502 peak looking for further weakness toward new lows. Decline from the 10/29 peak unfolded as 5 waves structure- wave 1 red. Currently we are doing 3 waves bounce against the 9.7502 high that is unfolding as Elliott Wave Zig Zag pattern. As of right now, short term recovery wave 2 red looks incomplete. Price is missing equal legs area:9.6719-9.7283 to complete the pattern. At the marked blue box sellers should ideally appear for proposed decline or 3 wave pull back alternatively. We don’t recommend buying the pair in proposed leg up, and favor the short side from the blue box.As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a pull back. As soon as the pull back reaches 50 fibs against the ((b)) black low, intraday sellers should make short positions risk free.
USDSEK h1 Hour Elliott Wave Analysis 11.5.2019
The pair made leg up and reached ((a))-((b)) equal selling area at 9.6719. Sellers appeared right at the blue box and the price is already showing nice reaction from there. At this stage we are calling 2 red recovery completed. The pull back has already extended below 50 fibs against the ((b)) black low. So members who took short positions from the blue box should be already risk free. Now we need to see break below wave 1 red low (11/04) to confirm next leg down is in progress.
It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site.
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