Saturday

Fork and Fibonacci Analysis with the purpose of Elliott Wave confirmation

I started with a lot of possible forks

Then I added the wide magenta fork and drew some Fibonacci lines to see what was important. The coincidence popped right out with a three time Fibonacci winner and an Andrews Pitchfork where the oval highlight is. The 50% retract from 2007 to the 2009 low matched up with Fibs from this recent accent. This appears important to me.

I then narrowed the forks down to the most likely choices. These are the obvious downward forks. The green fork is a forecast fork. The yellow is based on the information available. But if this is truly the beginning of wave P3, I would expect a steeper fork.

So I added an extention to the yellow fork. I don't like to use extentions but refinment can happen later.

Remember, this study was done with the purpose of comfirming the Elliott Wave count. And truth is we have not broken the upward fork from February 6th.

We definately require more confirmation before going with this scenario. Isn't that typical of a Friday close? When is the last time you can remember closing on Friday with a felling of being 100% correct?

I'll leave you with this.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.