Since the Fed rate hike overnight, we've seen the final push down to ALMOST complete the final wave 5; shy of 5 pips from making a 14 year low from the triangle wave E breakout at the announcement of the US elections. Long terms affects of the Fed rate hike is still unknown but I can see that in almost every single timeframe that USD has been oversold so I anticipate a rally from the EUR soon.
Elliot Wave Analysis:
Current Wave: Final wave 5 is almost complete and set to make a new 14 year low
Forecast Wave: Once the new low is made expect 2 alternatives.
A) This current wave 1 is apart of a bigger wave 5 to complete the breakout from the triangle which could see the EUR plunge below the 1.000 mark.
B) Or a MASSIVE directional change for years to come
In either situations, expect a bounce off the new low for either an ABC wave 2 correction in alternative count 1 or a 5 wave impulse move up in alternative 2 count.
Happy Trading!
Elliot Wave Analysis:
Current Wave: Final wave 5 is almost complete and set to make a new 14 year low
Forecast Wave: Once the new low is made expect 2 alternatives.
A) This current wave 1 is apart of a bigger wave 5 to complete the breakout from the triangle which could see the EUR plunge below the 1.000 mark.
B) Or a MASSIVE directional change for years to come
In either situations, expect a bounce off the new low for either an ABC wave 2 correction in alternative count 1 or a 5 wave impulse move up in alternative 2 count.
Happy Trading!
Note
Today, we saw the EURUSD push down further and shy of 5 pips to make a new 14 year low. Since the fall, there seems to be a smaller wave 4 triangle forming which signifies a terminal move so expect a change of direction post making the new low.
Happy Trading!
Note
As always, price action goes further than i anticipated but it is looking like a clean move up now so my forecast is still valid for a) a change in trend or b) an ABC correction to around the 1.0800 mark
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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.