Alternate 'Short' View on EURUSD!
Updated
Hi All,
I am sharing an alt view on Eur short as it also makes sense from an EW perspective - my rule when it comes to analysis is to not rule anything out until it is unvalidated so this could also be in play.
Alternative Short Count:
Wave 1: Off the break of the triangle, there has been an impulsive wave down.
Wave 2: I have this wave as a double ZZ retracing to 90% of the impulse wave 1
Forecast count: Next wave here would be wave 3 which would be be a massive decline of EUR and possible first target is 0.9745 which is 1.618% extension
My action plan is to follow this retracement happening right now and watch the nature of the movements, i.e. corrective or Impulsive decline. Below are possible move that could play out. I have already taken a short position as per my last post so watching to see which of the below plays out.
A) ZZ (5-3-5)
B) Flat (3-3-5)
C) Impulsive decline as wave 3 - This will be a brutal move to the downside if this count is in play so watching the nature of this is key
In both counts a short is in play and both counts will close the gap also... Let's see what this week brings!
Don
I am sharing an alt view on Eur short as it also makes sense from an EW perspective - my rule when it comes to analysis is to not rule anything out until it is unvalidated so this could also be in play.
Alternative Short Count:
Wave 1: Off the break of the triangle, there has been an impulsive wave down.
Wave 2: I have this wave as a double ZZ retracing to 90% of the impulse wave 1
Forecast count: Next wave here would be wave 3 which would be be a massive decline of EUR and possible first target is 0.9745 which is 1.618% extension
My action plan is to follow this retracement happening right now and watch the nature of the movements, i.e. corrective or Impulsive decline. Below are possible move that could play out. I have already taken a short position as per my last post so watching to see which of the below plays out.
A) ZZ (5-3-5)
B) Flat (3-3-5)
C) Impulsive decline as wave 3 - This will be a brutal move to the downside if this count is in play so watching the nature of this is key
In both counts a short is in play and both counts will close the gap also... Let's see what this week brings!
Don
Note
Hi All,Having a look at the movements of last week, I no longer think this WXY count is possible as this wave has retraced close to 100% of the wave 1 impulse down so I'd be more inclined to say that we are now EUR Bull in the bigger picture.
I am sharing an update shortly so please look out for that and like/comment.
Exciting times ahead and I can't wait to see what the following week(s) brings...
Cheers
Don
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