FOREX PRO WEEKLY, March 05-09, 2018

...Guys, it is just ~70 pips and the alternate ABC scenario we discussed yesterday still won't be ruled out from there...

Our extremely weak five waves up followed by a sharp reversal has negated the initial 12345 scenario I was considering and confirmed the alternate ABC count instead.

My focus has switched to a wave 2 correction unfolding from the 1.2446 high. A typical wave 2 is taking the form of a zigzag and it looks like its a-wave having unfolding as an impulse. The pattern is still in its early phases but later I want to see a b-wave rally back to the 1.238x area while the equality projection for wave c stands around 1.226x.

The situation has become extremely exciting leaving the door open to new scenarios.

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Very strong NFP numbers but weak Hourly earnings.Quick update 30 min after release- If todays 1.2273 holds , and Weekly closes abobe 1.2322-hitting 1.2566 next weeks will complete second Weekly stop grabber and 5=1 of the EW count move from 1.1555 , exatctly at OP from immediate ab=cd. Good luck all :
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...My focus has switched to a wave 2 correction unfolding from the 1.2446 high. A typical wave 2 is taking the form of a zigzag and it looks like its a-wave having unfolding as an impulse. The pattern is still in its early phases but later I want to see a b-wave rally back to the 1.238x area while the equality projection for wave c stands around 1.226x...

Early signs of a wave-b rally attempt starting from 1.2272 (working support), 1.2321 should be breached for confirmation.
 
The coming 2 weeks might be under pressure of approaching FOMC meeting on the 21st of March. But current EUR level seems good for bullish continuation.

USD index might create right arm of H&S and possibly drop below recent lows to 87.9

Silver is getting more courage.
 
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EURUSD

There is not much to add to my earlier posts. Many times price gaps will occur in a weave 3 position and almost in a wave 3 of 3 position.

Given that the price is still below the critical key level at 1.2355, a rally above this level would give credence to the idea wave (4) low was in place at 1.2154 and wave (5) is unfolding. For the same reason we are in a phase where a gap opening would fit well either direction - but preferably up (for the bearish 1-2-1-2 scenario see alt count):

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"Bonus track"

For those who cares, please find below a step-by-step tutorial on how to apply the Kennedy Channeling Technique using real-life examples.

3 mins only, the shortest training material I have ever made.

Enjoy!

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lovely stuff Stag ,
thanks
 
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