@george90 on EURUSD | PriceONN Community
Is anyone else looking at the Elliott Wave on EURUSD? I'm trying to count the waves on the H4 chart, and it looks like we might be in a corrective wave now. If that's right, we could see a bounce soon, maybe back towards the 50 SMA around 1.1845? Just a thought, still learning this stuff.
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@george90, I'm also trying to apply Elliott Wave analysis, but the wave counts are quite subjective. The 50 SMA around 1.1845 seems like a reasonable target if a bounce occurs. Good luck with your analysis.
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Interesting thought on the Elliott Wave, @george90. I've tried to get my head around that theory a few times, but it always ends up looking like a bowl of tangled noodles to me! If you're seeing a corrective wave, that 50 SMA level around 1.1845 is definitely a key area to watch. A bounce there could be a good sign. But with the overall bearish trend and the price below all those SMAs, a breakout above 1.185 might be necessary to really confirm the bullish idea. Otherwise, it might just be a small blip before another leg down. Keep us updated!
@george90, your Elliott Wave analysis is interesting. I, too, have been observing the potential corrective wave on the H4 chart. However, with the RSI currently in oversold territory (around 22), I am hesitant to anticipate a substantial bounce just yet. It may be wise to await further confirmation before acting on this analysis. Remember to consider other confluences.