FOREX - Trends, Forecasts and Implications (Episode 5: July 2011) - page 196
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First, the second butterfly has not yet been formed so it is too early to talk about its formation... only after its formation and the price reaches the end point of the first butterfly we can say that the formation of the second butterfly has begun...
What's that? An echo? ( echo? echo?)
"the one down is not yet confirmed and may be cancelled" is not the same as your "firstly the second butterfly is not yet formed?"
Gartley's butterflies are not weakly redrawn. For example, on Monday morning on all timeframes they were moving up. But the price had time to go down and only in the evening the move to the upside started.
To avoid re-drawing of your patterns, remember the TA rule that only fully formed candlesticks are analyzed and only fully formed candlesticks confirm the reached levels and values (and their breakdown).
If a pattern is confirmed - it is a reason to bet on it, the patterns are often executed even against the apparent logic (for example they reach their targets even on counter-rotating strong news, first the price reaches the targets, and then the news is played out) if not - it is roulette, risk, adrenaline and testing your luck.
Should go south in the coming days with a target of 1.3950
IMHO purely my personal view of the situation.
The probability of the reversal is very high. + on D1 there is a Vshimoku cloud ...the senkoy line Span B- strong resistance
On R2 and there will be a reversal there by the waves comes the completion of the third wave
I think so far. We will come to 1.4373.
ZS. That's where the news will come out )))))
Is the Eurobucks really going to 1.44?
I think so far. Coming to 1.4373
ZS. Just in time for the news to come out )))))
The end point of the third wave of growth ...