Since 2008 the trend is still down. Now prices are in wave 4, I anticipate it is coming to an end
Wave 2 is a ziczac wave, so wave 4 is a descending triangle.This is only the alternative rule of elliott waves.
Range : 1.1400 -1.1500 with the very strong resistances in the upper side
This is the consolidation zone of the descending triangle pattern and long-term trend line.
With very high possibility, prices will reverses to down from this level.This is also the time Fed is likely to raise interest rates
I use 80% technical analysis and 20% fundamental analysis to predict the direction of the price.
Wave 2 is a ziczac wave, so wave 4 is a descending triangle.This is only the alternative rule of elliott waves.
Range : 1.1400 -1.1500 with the very strong resistances in the upper side
This is the consolidation zone of the descending triangle pattern and long-term trend line.
With very high possibility, prices will reverses to down from this level.This is also the time Fed is likely to raise interest rates
I use 80% technical analysis and 20% fundamental analysis to predict the direction of the price.
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Prices is rising and will continue to increaseTarget : 1.1400- 1.1500
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Triple topNote
It may take a long time before we can see the EUR/USD exchange rate at this level.Price was unable to break 1.13 to three times.
It ends sooner than I thought.
Price broke the up channel
Not much hope to buy with this pair
Setup is for those who trade this pair
The long term trend now is a downtrend
Note
The wave structure needs to changeIt will continue to expand
Wave IV is a flag
Although the target of the head and shoulders pattern has been completed
Occasionally, you have a nice setup that does not work
This is an indispensable part of trading
Target is about 1.1500
We will look price action at this level
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The length of the wave is sufficientWave 5 = wave 3 = 1.618 wave 1
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Wave 4 NEVER ends in the price territory of Wave 1
So if the price goes up above 1.1205 then the wave structure will change completely
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It is completing the final wavelength
The wave will continue to expand at higher ratio, at about 2,618
The reduced wave structure is likely to be broken
We will redefine the wave structure if that happens
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After it completes the pattern, price has fallen sharply
However, the wave structure in the long term trend may change after this decline
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The topic closed because the pattern was wrong
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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.