Trying out elliot wave theory...

I'm not even sure I'm doing this correctly, but the Fib Ratio Extension seems to show some really escalated levels!

I thought I'd just publish this to see if it works.

PLEASE NOTE - I'm very new to Forex trading 😅 - and I'm still learning a lot! So I thought I'd try to use the Elliott Wave Theory to see if I can vaguely forecast where things are going. My forecast could be fundamentally wrong at the very basics as I'm new to it! I'm publishing this idea so that I have a record of what I did, then probably in about 6 hours I'll publish again, to check and see if the results match up to the prediction.

I generally don't play with news being taken into account but it certainly seems important recently!

Commentaire:

Updated with the new bars - really shows that EWT was more of an indication of what was happening - Wave 4 took a long time to form and still has a chance to break below Wave 1's peak which would invalidate it...!

I hope it does follow Wave 5 into an upwards wave though!

Commentaire:

Wow what a massive climb it's done recently!

While this didn't accurately call things - it did give me time to prep for the upturn :)