It is difficult to enter the GBP with a neat waveform like the ones in textbooks, but since I am thinking of using the same strategy for the USD/pairs in general this week, I will post an idea 🙏.
The monthly chart shows that the momentum of dollar selling that has continued since April this year is weakening due to the breakout of Monthly chart HL (---purple line...
Will the price break through the D trend confirming line??!!. Which is the confirmation line that will break the Up trend from the October of 2022?
The price is currently being held down at the WR (weekly resistance) + the previous low of 4 hours.
If weekly down trend continues to break below fromThis Level..., will the actual body of the candle on a weekly...
Long-term analysis of EURUSD.
1971 to present.
Reaction rebound at 0.618 FIB level of correction wave after three-stage rise (blue dotted line). Uptrend continues overall.
12M
The trend wave (red dotted line) that reached its high in 2008 has collapsed (price falls below red horizontal dotted line HL). Downtrend in progress.
The upward rebound in 22' and 23' was...
Based on Annual chart wave analysis
The large period that connects the whole from the 1970s is trendless.
Annual chart environment.
1. Above the 2009 return L high.
2. Up trend.
3. Above MA Sma20 and Ema 26.
4. Candle above the neck YSR. (Year Support and Resistance)
As there is no prominent SR when rising, it is assumed that it will rise to the trend...
Wondering ... FOMC and ECB near future decisions of interest rate.
USA has more likely to see continue of rising inflations due to strong economic announcements.
fed has to stop it by raising interest rate higher again. Balance between slowing economy vs unemployed ..Slow will help gas price to come down...
E.U... showing slowing of economy...Germany , Italy...
Triangles are said to be most difficult to forecast.
Easier to think 12345 then ABC retrace comes. looks like we are in the B wave (possibly triangle pattern).
At the current price point tested 3 times it has more chance to break price this time with fundamentally Bullish USD.
If USD retrace....On Daily chart Elliott wave counts 3-3 finished ,4th wave are usually shallower than 2nd wave retrace.
waiting for FIB 0.382 Long position entry opportunity.
