This is the structure based trend following trade in EURUSD. There might be opportunity for EURUSD which can enter short term correction. ABCD patterns shows that it has pottential reversal in EP which is the exact support level from previouse price levels and RSI also in overbought level as well.
It will good trade opprtunity
to enter short EURUSD @ 1.1494...
At the chart it shows that, with the Gartley (G2), mid-term correction is over. D leg in G2 is the exact price level with B leg (0.61 level of XA leg) in G1 and also it has structured with previous price levels, and also RSI is quite low as well. It would be ideal wait for another bar and get long at this price level with the SP @X of G2 and TP @R1.
If it ...
Recent downtrend in crude oil probably will countinue following months. It could not break the R1 level (0.63 level) and with the high chance it will get down to S2 level (lowest level in 2009) (strong support level in 0.76). Which will end up seeing perfect Gartley in R2.
You can trade with the structure levels or you can wait for R2
Good luck
Sturcture almost gives us clue about potential short., and we have couple of reasons why we shoud wait and get short at 0.7138
1. Double bottom and following after pottentian turn around leve retracement level (2.272) @ around 0.7140-48
2. Trend base retracement level .382 @0.7148
3 AB=CD at 0.7148 ( 52 time bar each)
Lets wait candle stick comfirmation and see...
It seems that, ABCD pattern has been completed in 2013 and because of that we should focus on potential long on this stock. It has tested 44.63 initially and was really close to level C. Then it rallied back to 38.2% level, but after that it failed to test previous high.
I think on this stock 61.8% (31.86) level is crucial point, i will look forward to get long...
Probably SPX will get down. If it does, I think best place to get short in 2114-2117 range and stop loss will be 2119.
Structure is almost near and 5 trend cycle is complete and RSI is showing overbought.
If it goes down the potential targets will be : 2094, 2072 and 2061 respectively
Best,
