Goldmine!

We shall see. Price at support on Monthly TF.

 

Hello Traders,

Price got in the neighborhood then turned...was that turning point the completion of Wave 5? Will keep watching.

FX4Newbies

 

NOTE: "Wave 5" should more accurately be stated Pivot 5 or P5.

Thanks.

 

A trader asked if the Pivot 5 had anything to do with Elliott Wave. Maybe some of you have had a similar question. Here was my reply:

Good question Joe Trader. The answer is no. Andrews noticed that after a P5, he expected price to turn. His count started with P0. It is not associated with the Elliott Wave concepts in their truest sense, he was just counting "significant" pivots. The commonality of "five" is simply a similarity in their observations of market behavior and that was the extent of it.

Hope that helps.

FX4Newbies

 

Well,

Price missed the target by about 18 pips or so. Turned at P5 and went north. Price did hit the ML of new blue fork. That ML is a money magnet for sure.

Have a very busy day today and tomorrow. Will keep you posted with any updates.

Take care,

FX4Newbies

 

Hello again traders,

Attached is an updated chart since we completed P5 and price turned on a dime! Bullish sentiment on Monthly chart at the moment...will see how this plays out as price has been falling now for several months. This upward move could be retracement of the fall. Time will tell...just thinking out loud .

May not be able to post again until next until London Session...very busy day today.

Take care and be safe,

FX4Newbies

 

Just continuing to watch the EurUsd performance. Currently moving toward target.

 

Just seeing where we are in the process. Inching to the target?

 

Let's see if we get the U-MLH target as well.

P.S. Got U-MLH target too!!!

 

Price broke through U-MLH...let's see where it runs out of steam.