Trying to decipher this complex sideways correction = " a difficult place to trade "
Wave a = small flat wedge
Wave b = zig - zag correction. The middle wave is also a correction = expanded flat.
Wave c = looks to be setting up for a zig - zag .
The whole completed wave 4 , then completing an expanded flat correction.
If anyone would kindly add their ideas , I would appreciate it... :)
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Traded pound for a quick scalp of 2 x 30 pips 1.2910 - 1.2880 . I believe the wedge has a D wave to here on the hourly. I think one more leg up before the wedge breaks. :)
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Looks like wave 4 termination wasn't too far off in this prediction.....:)
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Melchizedek
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I have an idea; the banksters must be crazy! Heh heh...
salsapete
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@Melchizedek, I think you are right.... maybe we need to be a bit loony in our analysis to sync in... LOL....
Melchizedek
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@salsapete, "Understanding" seems an elusive thing, sometimes. As strange as it seems, when I don't understand why someone does a specific thing, it's always because I am not thinking like they are. But when I discover their motive, their actions make sense to me. They say that to become a millionaire you FIRST have to THINK like a millionaire; maybe there is something to that? I am continually trying to understand what the market makers and movers must be thinking, and through studying their actions as a collective, I have more and more "eureka!" moments. Ahaaaa!
salsapete
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@Melchizedek, Yes, Yes, Yes to your comments....... :)
Melchizedek
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@salsapete, In your last chart (above) it looks to me like the banksters are running the STOPS above to convert them and gain momentum for a big down-move. I'm watching for a confirming setup, although I am already SHORT from a higher level. Maybe I should change my "handle" to "Robin' Bahnksters"? That's what I love to do, heh heh heh!!!