Flat formation and an head and shoulders pattern
It looks like we have completed a flat and is now turning lower.
A flat formation consist of a 3-3-5 wave structure.
Wave (A) was the first three waves, wave (B) was the second three waves
and wave (C) was the final leg which was made of five waves.
This flat could also be a part in a complex correction, see
The EURGPB could be following the EURUSD.
Needless to say, this count requires a break below 0.701 to become valid,
but it would be a bad decision, from a risk/reward perspective, to wait for that level to break.
Look below for alternative view.
Either way, we should see a correction of the five wave advance which is label as wave (C).
This correction should see us near 0.7300 or .7260, from there we should look move our
stops to break even.
We are also making an head and shoulders pattern. Even tough I'm not a big fan of the
particular pattern, it's worth mentioning.
Look below for alternative view.
Disclaimer: traderwgun.com/?page_id=26
Twitter: twitter.com/atliveanner
Tradingview: tradingview.com/u/traderWgun/
Mail: traderwgun1gmail.com
Good luck!
A flat formation consist of a 3-3-5 wave structure.
Wave (A) was the first three waves, wave (B) was the second three waves
and wave (C) was the final leg which was made of five waves.
This flat could also be a part in a complex correction, see
The EURGPB could be following the EURUSD.
Needless to say, this count requires a break below 0.701 to become valid,
but it would be a bad decision, from a risk/reward perspective, to wait for that level to break.
Look below for alternative view.
Either way, we should see a correction of the five wave advance which is label as wave (C).
This correction should see us near 0.7300 or .7260, from there we should look move our
stops to break even.
We are also making an head and shoulders pattern. Even tough I'm not a big fan of the
particular pattern, it's worth mentioning.
Look below for alternative view.
Disclaimer: traderwgun.com/?page_id=26
Twitter: twitter.com/atliveanner
Tradingview: tradingview.com/u/traderWgun/
Mail: traderwgun1gmail.com
Good luck!
Disclaimer
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