On June 27 and on August 22, I discussed a potential large ending Diagonal "project" for
the USD Index.
Today, given the fact that the corrective down leg off the July 24 high, which
in my opinion is tracing a Double Zig Zag, it is most likely not over yet.
Therefore more down side should be expected.
The lack of a terminal pattern is jeopardizing the idea that the down leg
off the July 24 high is the wave (IV) of the Ending Diagonal project.
Therefore I am now analyzing other options.
Regarding the short term EWP below I have a potential count of the Double
Zig Zag that could have an extension target at 80.60.
If this Double Zig Zag pans out then I will consider as a viable option a
Triple Zig Off the May 4 low, in which case now price would be involved in
the wave (X) which once it is in place will open the door to the third and
last Zig Zag up.
Contact: If you would like to contact the author, you can e-mail him
at thewavetrading@gmail.com
The main objective of this project is to share my views on several markets
and asset classes.
In the initial stage TWT website will be a free service.
My main focus will be the equity market with SPX being the leader but I will
also follow US equity sectors, major European indices, fixed income, currencies
and commodities markets.
My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines
and investor sentiment.
My goal is to establish the most likely path that the price of a particular
asset will undertake and profit through ETF instruments both on the long and
short side and mainly with leveraged ones (2 x & 3 x).
The advantage of ETF investments is that it allows getting involved in equity
indices & sectors, currencies, fixed income, commodities etc.
Therefore the main purpose of TWT will be to establish investment strategies
regardless if the market is in an up trend or in a down trend, leveraging
the chosen scenario while managing the risk by establishing protective stop
losses.
Hence I will always define the risk, I will try to let winners run the wave
and I will cut the losses if my strategy is wrong.
Disclaimer: The content of this article is for educational purposes
only, the information supplied is not a recommendation to buy or sell any
security or financial instrument.
Thewavetrading.com nor the owner can not be held responsible for any loses
occurred from the information provided within the website.
The Information supplied cannot be copied or reproduced without the permission
from the owner.
Circle Us