Week11: First impulse wave down complete, Correction in progress

2015年5月25日

The first impulse move to the down side is complete (wave 1 in circle) and now we should see a retracement (in 3 waves) to 1.11500 or 1.12 which is the 0.382 or 0.5 fibo retracement of wave 1 (in circle).
After that wave 3 should unfold and bring us closer to our target 1.02.
The red lines are support from previous lows and highs.

Lets look at some of the fibonacci relationships.

• Wave 3 (in circle) reached more than 3.618 of wave 1 (in circle).
  
  
• Wave 4 (in cirle) retraced wave 3 (in circle) about 0.382 fibo.
  
  
• Wave (c) reached nearly 1.382 of wave (a)
• Wave 5 (in circle) reached 0.618 fibo extension of wave 1 through wave 3 added to the termination point of wave 4.
  
  

After we have looked at the Elliott waves and some fibonacci relationships lets take a look at the indicators (RSI, MACD, CCI, Stochastic (Settings 5-3-5)).



We have a divergence in all 4 of them.


Bigger picture

Monthly



On the monthly you can see a clear 5 waves move to the upside. A big triangle and the impulse move down as wave c in which we are currently.


Weekly



On the weekly I take a closer look at the triangle and wave C


Daily



Now lets examine the wave to the downside even more. You can see an extended wave 1 and the termination point of wave 3. You can also see the ABC-correction as wave 4 and beginning of wave 5.