This was the email I sent out to my 2 students at midnight.
In text format:
For a Wave 4 terminal point, you are looking for oversold having hit below 20
plus a continuation divergence relative to wave 2 down:
a lower hourly RSI2 reading with a higher low
(sometimes the end point of Wave 4 is a pair of low reads showing a reversal divergence back up, so the lower read does not always exceed that of the Wave 2)
It is still possible that Wave 4 would dip down to the Upper Guard rail, but it is sort of running out of time at this point.
These are the GMT 4-hour candle opening times
So., the 1st Candle would start at 2 AM, the 3rd at 10 AM.
I expect the beat of Wave 5 up occur between 9 AM and 2 PM
1.10 is definitely on the radar
The North value is 1.10250-1.1049 – which is what a Wave 3 would be able to do. A Wave 5 would probably fall shy of that by 20 pips.
I think 1.1018 isn’t gonna be reached, but price could get close – the prior swing high (see daily chart).
The next Daily resistance levels up are 1.0989 and 1.1049
The 40% comfort level is at 1.0979
The break out would start at 1.0966 (see hourly chart), which suggests W5 at about 1.1006
The actual beat high was 1.0999 and came 1 hour 15 minutes after my suggested window.
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