EURNOK - An Elliott Wave Masterpiece! (+17,000pip Target!) ✨

Jan 18

EURNOK is currently giving us a masterclass on Elliott Wave.

We have the perfect impulse schematic, which follows every rule of Elliott Wave Theory.

IMPULSE ELLIOTT WAVE SCHEMATIC
Wave 1 = 5 waves (Impulse)
Wave 2 = 3 waves (Correction)
Wave 3 = 5 waves (Impulse)
Wave 4 = 3 waves (Correction)
Wave 5 = 5 waves (Impulse OR Correction in the form of a diagonal)

We can see that wave 2 was a simple correction and when that happens, it is often expected that wave 4 will be a complex correction. In this scenario, we have wave 4 appearing as a complex Flat correction (3-3-5).

We are currently in the wave C of the flat correction = 5 subwaves. We are seeing subwave 4 now and expecting one final subwave lower to complete wave C.

SHORT Trade Idea:
- Watch for subwave 4 to breakdown and enter with stops above subwave 4
- It's anticipated that we stay below 11.577 so having stops above that level will be fine for a risk entry
- Target: 11 (5000pips)

LONG Trade Idea:
- Once we reach the buy zone, watch for reversal signs such as BOS or trendline break
- Enter with stops below the lows once reversal signs appear
- Targets: 11.5 (5,500pips), 12 (10,000pips), 12.5 (15,000pips), 12.8 (18,000pips)

We do hope you learnt a thing or two from this post. Let us know your thoughts below!

Goodluck and as always, trade safe!