The beginnings of this informal holiday are found in 1988, when students and professors of Massachusetts Institute of Technology (San Francisco, USA) decided to celebrate March 14 (3.14 in American date format) as Pi Day (due to π being equal to roughly 3.14).
Robert Prechter (the president of Elliott Wave International) with his friends decided to follow this funny tradition and suggested to celebrate the holiday of wavers— Phi Day [ (pronounced «fie»)]. As Phi = ~ 0.618, it is celebrated on June 18 (6.18 in American date format). As it isn’t a secret that this very proportion and its derivatives lie at the root of the relationships of wave patterns.
On this day it would be good to remember a genius Italian mathematician Leonardo Fibonacci , who gave strict mathematical appearance to the Golden ratio.
Let me wish you a Happy Phi Day, dear wavers!
Yours respectfully,
June 18, 2008 1. EUR/USDFor survey wave counting of EUR refer to Annual-08 and Monthly-0608. Refer to Figure 1 for the wave counting draft of this currency on 480 min chart.
| |
Figure 1. Wave counting on 480 min chart. Variant 3-a.
|
Wave 4 in the form of an extended horizontal correction may be completed. But it is necessary to expect the confirmation of this. If this is the case the price rise in the form of an impulse or a diagonal triangle is expected in the near term (wave 5).
| |
Figure 2. Wave counting on the daily chart. Variant 3-a.
|
On the both charts a strong resistance level at 1.53 can be seen, which may become an insuperable barrier for the price.
2. GBP/USDFor survey wave counting of GBP refer to Annual-08 and Monthly-0608. Refer to Figure 3 for the wave counting draft of this currency on the daily chart.
| |
Figure 3. Wave counting on 480 min chart. Variant 3-a.
|
It is possible that the price hasn’t had enough strength to complete the second leg of the supposed zigzag 4 in the form of a full diagonal triangle [c] of 4 and it has formed a diagonal triangle with a truncated fifth (v) of [c] of 4. If this is the case the price rise in the form of a large impulse or a diagonal triangle (wave 5) is expected in the near term. There remains to expect the confirmation of this.
| |
Figure 4. Wave counting on the daily chart. Variant 3-a.
|
On the both charts strong resistance levels can be seen at 1.94..93, that may become an insuperable barrier for the price.
3. USD/JPYFor survey wave counting of JPY refer to Annual-08 and Monthly-0608. Refer to Figure 5 for the wave counting draft of this currency on 480 min chart.
| |
Figure 5. Wave counting on 480 min chart. Variant 3-dt.
|
Wave [4] may be completed. If the supposition is true it is natural to expect forming of a downward wave [5] in the form of a large zigzag (ordinary/double/triple) in the near term. There remains to expect the confirmation of this.
| |
Figure 6. Wave counting on the daily chart. Variant 3-dt.
|
It isn’t ruled out that a strong resistance level at 108 will become an insuperable barrier for wave C of (Y) of 4.
4. USD/CHFFor survey wave counting of CHF refer to Annual-08 and Monthly-0608. Refer to Figure 7 for the wave counting draft of this currency on 480 min chart.
| |
Figure 7. Wave counting on 480 min chart. Variant 3-a.
|
Wave 4 in the form of a double three may be completed. It is necessary to expect the confirmation of this. If this is the case the price decline in the form of an impulse or a diagonal triangle is expected in the near term (wave 5).
| |
Figure 8. Wave counting on the daily chart. Variant 3-a.
|
On the both charts strong resistance levels at 1.06..05 can be seen, that may become an insuperable barrier for the price.
Note
Given possible trading plans are purely informational purpose only and they should not be considered as trading guides or an invitation to make a transaction.
Reference
June 18, 2008 When using any part of the article for publication or analytical materials reference to the author and Alpari is obligatory.
|
[复制链接]
楼主
