EURAUD HAS SHOWN A-LOT OF REJECTION POWER AT A SIGNIFICANT HIGH ON THE DAILY CHART. THIS IS A SIMPLE EXAMPLE OF A TOP-DOWN ANALYSIS USING THE BANKING THEORY .
PRICE BROKE OUT OF THE DAILY ASCENDING WEDGE AND OUR H4 WAVE COUNT IS STILL PUSHING US DOWN. ENTRIES WILL BE CONSIDERED ONLY AFTER THE CTL BREAK AND RETEST.
EURUSD SHOULD ALSO CREATE THIS PATTERN. THE BIG BOYS ARE TAKING SOME MONEY FROM THEIR LONG POSITIONS. I'll EXPECT THEM TO USE THEIR PROFITS TO RE-ENTER LONG POSITIONS AT OR NEAR THE PLACES THEY PREVIOUSLY BOUGHT(DEMAND ZONES) FOR ANOTHER BULL RUN LATER. SO MARK YOUR DEMAND AREAS AND WAIT FOR PRICE ACTION REACTION. I ALSO USE WAVE ANALYSIS TO MARK RELIABLE ZONES...
WAIT FOR A CORRECTIVE STRUCTURE IN THE FIFTEEN MINUTE CHART
WE JUST WAITING FOR A CORRECTIVE STRUCTURE TO COMPLETE ITS FORMATION AND WE WILL ENTER AT THE COUNTER TRENDLINE BREAK FOR LONG ENTRIES
MY IDEA FOR THIS PAIR IS BULLISH. HOWEVER THIS FORECAST IS TOO FAR INTO THE FUTURE AND NEEDS MORE PRICE DATA TO BE VALIDATED. ITS STILL BEARISH AND IM HOPING FOR A MINOR PULLBACK TO THE DTL OR REJECT THE PRICE LABEL ABOVE FOR MORE SELLING OPPORTUNITIES. IF THE DESCENDING CHANNEL IS VIOLATED BY THE BULLS, MY BULLISH FORECAST WILL BE ACTIVATED AND WILL LOOK TO GO...