Corrective structure in play
Updated
Hi All,
EUR is looking like it is exhausted as the current push up is slowing down so a time for a corrective structure will follow after an impulsive move. However, the question here is ' has the impulse finished?' My updated count say it is but there is a chance that 5th wave could extend further as the bullish price action is still present.
I am anticipating an ABC correction to the 78.6% mark as the move up has past the 61.8%. Let's see how the rest of this week plays out today and tomorrow could start the south bound move.
Cheers
Don
EUR is looking like it is exhausted as the current push up is slowing down so a time for a corrective structure will follow after an impulsive move. However, the question here is ' has the impulse finished?' My updated count say it is but there is a chance that 5th wave could extend further as the bullish price action is still present.
I am anticipating an ABC correction to the 78.6% mark as the move up has past the 61.8%. Let's see how the rest of this week plays out today and tomorrow could start the south bound move.
Cheers
Don
Note
Possible wave 2 correction may just be finishing - update count below.Look for a short entry now!!!
Note
A possible triangle in play which looks complete so a new high is possible - This means that my original count is still valid with the new high as the completion of wave 5.Alternatively, if the support lines at A and C are broken, we are heading south to close the gap.
Both counts are point towards a long term short in either scenario with about 500+ pips up for grabs.
Happy Trading
Trade active
First Short trade triggered at the break of C so a triangle count is no longer valid.second short about to trigger at the break of A.
Let's go hunting pips this Friday!
Don
Trade active
Second trade triggered at the break of A - HAPPY FRIDAY!Trade active
Another trade triggered at the break of the last low.Trades looking good here and a potential for another 400+ pips on offer to close the gap.
Happy Trading!
Note
Hi All,Below is a quick summary of my bear count from the top.
The count is making sense as there are impulsive waves followed by corrective waves within which Fib ratios are hitting. Additionally, were seeing a series of lower highs and lower lows which is a good sign.
The main thing to note is that this pair is ultimately falling quite nicely and making 100+ pips so far; and I am anticipating a bigger fall this week.
Feel free to shout if there are any questions
Note
Quick update - It looks like a re-test of the trend line.Note
Trendline still holding so all positions are still holding - will be interesting to see what happens here a) if it pushes through to the upside with a massive impulsive move or
b) trendline holds and starts moving to the downside.
Let's see what the US market brings...
Happy Trading!
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