Replies to post #91677 on Simple's Green Room

[gitonwithit]

One other reason I think we see a complete retrace on the smaller timeframe to 1.0850 or so is the weekly chart. On the weekly chart we had a 2.236 that retraced a full 100 percent (in red) to the start of the 2.236. The area in red is almost certainly an Elliot wave sequence when I zoom in to the daily. May be a bit of a stretch correlating the little 30 minute timeframe behavior with the weekly chart behavior but a it looks very similar.

[pennies2007]

I think you're right on that minor Wave 4 there, Git. One thing you found and pointed out a while back is that those back to back inverted hammers are usually a sign of Wave 4 activity. I've watched that happen over and over again in charts of all time frames. When they appear, the price action almost always moves a bit further in the general direction and then gets ready to reverse.

Here's the hourly chart showing that inverted hammer Wave 4...