With US stockmarket closing, I checked if there would be something to trade again;
W3 for C started at 1,3342 and ended 1,3667;
1.3667 – 1,3342 = 325 Pips (W3).
Now, today price advanced rest as W5 and it should be 1.382 size;
W4 correction down today ended with 1,3564 while 1,3707 was top of W5.
1,3707 – 1,3564 = 143 Pips (W5).
325 / 143 = 2,27 (perfect fib).
Also 325 x 0,382 = 125 Pips (~124). (W5 guidelines)
Right now, price has corrected down as ABC movement from todays top. This is likely first A wave position for bigger upcoming correction. Since hitting today bottom at 1,3588 price advanced again 1,3650. This latest advance is very likely B wave postion and ends in here as 50% wave.
I am short again from this 50% level now (1,3645) with stoploss of 1,3669
(A) Down movement today is 119 pips. (B) up today for it is 62 pips (=~50%).So, I am expecting C to be down again 119 pips from here.
Certainly no-one surprized again, price found top today with 1.3700 either…
If price goes above 1,3680 then this count is wrong and impulses are missing something to the upside. I just don´t think we can stay with these high roof for long, even channel is uptrending and bigger EW timeframes are upside, we need to correct soon these big waves we recently blowed up, these corrections should have some legs.
May I add that if this correction start to roll on, there´s chance most recent uplegs are finished in here and this correction may come as much deeper. In that case my target line for A wave is very concervative and start part of the correction, need to remember this new channel is very wide and we´re still very top of it, but still I cannot see no-way back to the old channel from here, that part is over.
