In the daily timeframe of EUR/USD, the third wave of the larger Elliott Wave structure appears to have been completed. Within this third wave, we can also observe that the subwave 3 of wave 3 has concluded, and currently, Wave 4 is unfolding.
Wave 4 is presently developing and is likely to retrace toward the 1.10683 level or potentially form a supportive close above it. This zone corresponds to both the subwave 4 of Wave 3 and the main Wave 4 correction, which indicates a critical area of confluence and potential completion of the corrective structure.
Once Wave 4 is confirmed to be complete near this region, the chart suggests that we may enter the beginning of Wave 5, providing a favorable long trade opportunity.
Entry Trigger: Sustained price above 1.10719
First Target: 1.12900
Second Target: 1.13837
Stop-Loss: 1.09518 (below the corrective Wave 4 low to protect the setup)
Wave 4 is presently developing and is likely to retrace toward the 1.10683 level or potentially form a supportive close above it. This zone corresponds to both the subwave 4 of Wave 3 and the main Wave 4 correction, which indicates a critical area of confluence and potential completion of the corrective structure.
Once Wave 4 is confirmed to be complete near this region, the chart suggests that we may enter the beginning of Wave 5, providing a favorable long trade opportunity.
Entry Trigger: Sustained price above 1.10719
First Target: 1.12900
Second Target: 1.13837
Stop-Loss: 1.09518 (below the corrective Wave 4 low to protect the setup)
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We're about to hit 2,000 followers on TradingView! 🚀
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Related publications
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.