My comments on MarketWatch a few days ago seems an understatement. No matter how fancy your charts are, and how imagiative you could be with attempting to figure out in advance how a complex correction will unfold, you are simpply shooting in the dark. This is why I went to great lengths to explain that whatever I have shown you on the chart last time could all be wrong. In a complex correction we should expect the unexpected. Trading a complex correction should be strictly for those with deep pockets and quick access to the markets.
I am presenting you with another chart, where I have made only a minor change to the count. Instead of the ‘X’ at 1.3002, I have placed a “b'”, which allows me to see a dip down to 1.3105 initially. We could later on go lower still to 1.2953, but I don’t want to discuss that before we see what happens at 1.3105.
Stay tuned! This is your live lesson on how to deal with complex corrections.
5 Comments
Hi Ramki,
Some very true points yet again in your analysis, but should people trade EUR/USD without consideration for the $dxy, which paints a different picture, with the index having just “looking” to have completed an irregular correction, with “c” 2.618 of “A” so we should now see a strong rally in the $dxy, sharp decline in EUR/USD, the recent swings of which are 824 pips or fibonacci ratios thereoff, the next of which would be 2.618 giving a low of 1.18342 , the last rally was 824, “your X” was 824 by 123.6, as you say, lets wait and see what unfolds,
Also just wanted to say, I enjoyed your book very much,
Regards
sir went your way. keep it up. I don’t think anybody can challenge your analysis.
now that it has bouning back if you can post an update?
Thanks, it great to see how you count a complex correction like that.
Would you explain how you arrived at the 1.3105 level?
Hi PB, Thanks. Complex corrections are hard for even the experienced, and is best left alone most of the times.
Hi Ramki
I am so confused with my Gold trading now.
Could you give us some analysis on Gold at your spare time.
Your hard work would be highly appreciated