A bearish count

5 thg 4, 2014

This is a counter idea for my previous idea tradingview.com/v/g14t8rNs/

This weeklys and fridays candle sticks suggests bearish price action
is on the cards. So I thought it maybe good to share a bearish idea.

This idea suggest that the drop from the 105:s
was a leading diagonal. At the moment we have
completed 7 swings to the upside, where w=y.

As long as the x-wave low (101.182) holds we can't rule out more
upside to complete a triple zigzag correction.

More importantly, the market has to take out the 102.632 high
to confirm that the move from the x-wave low was indeed
a three wave sequence, and not an ongoing 5 waves advance.

I will probably end up shorting this pair against last weeks high
because of the bearish candlesticks on the weekly and daily chart,
aswell as keeping an close eye on the mentioned levels
and my previous, bullish idea.

Follow all my demo trades at myfxbook.com/members/tlkemmy/demo/854232
Good luck!