Wave (a) : 3 parts
Wave (b) : 3 parts
Wave (c): 5 or 3 parts depending on how counted, labelled.
If 5, as seems perhaps appropriate, the whole wave is complete, forming a triangle characteristic of the penultimate wave.
From this wave a full motive wave formed down yesterday and during the Asian session, so from here the expectation is to retrace back up, then back down, forming either a full wave (iii) OR the c of an a-b-c of a wave (i) of an ending diagonal. It should be clear from the length of the next two minor waves.
Personally I'ld be looking for every opportunity to short the pair and be very cautious about going long. Put simply, it's a triangle and it fell out. Note - it was already breaking the channel on wave (iv).
Key influences: FED to raise or not raise rates, US/Euro area economic data, Euro bonds (raising cost of borrowing, bullish for Euro), Euro QE policy.
Wave (b) : 3 parts
Wave (c): 5 or 3 parts depending on how counted, labelled.
If 5, as seems perhaps appropriate, the whole wave is complete, forming a triangle characteristic of the penultimate wave.
From this wave a full motive wave formed down yesterday and during the Asian session, so from here the expectation is to retrace back up, then back down, forming either a full wave (iii) OR the c of an a-b-c of a wave (i) of an ending diagonal. It should be clear from the length of the next two minor waves.
Personally I'ld be looking for every opportunity to short the pair and be very cautious about going long. Put simply, it's a triangle and it fell out. Note - it was already breaking the channel on wave (iv).
Key influences: FED to raise or not raise rates, US/Euro area economic data, Euro bonds (raising cost of borrowing, bullish for Euro), Euro QE policy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.