20160422 - short in corrective wave, TP set to cloud bounce

25 Nis 2016

First time I'm attempting to read Elliot waves and us them in conjunction with Ichimoku.

Seems we are in a corrective wave after the 4/12 high point near 100% fib, with a sensible goal set to the flat-top bullish cloud, which also coincides with the 61.8% fib for the long-term range the EURUSD has held.

25 Nis 2016

Not

now that i look at it, the (2) wave should be several bars back, where price dips below the cloud and bounces off the 23.6% fib.

25 Nis 2016

Not

Forgot to add my SL, which is at 1.1355 - the location of the most recent Chikou high

25 Nis 2016

Not

1.1355 SL also coincides just above a long flat-top cloud on the 4H chart. If price can break that, we should reconsider the trend,