nitram3288

nitram3288

for about a week usd and eur have been dominating against other currencies, but for usd it looks like it's about to be over

nitram3288

mislabeled wave a but the rest are as it is, if it bounces off support trend line go long

nitram3288

wait for the trendline to break before entering ideally a tight stop loss is advisable, Just pointing out the possible return for this trade. Good luck

nitram3288

whole 5 wave down looks like a leading diagonal setting up for a 5 wave down

nitram3288

target at .382%

nitram3288

On my previous post on audusd I did all corrections on a smaller time frame, here is a bigger picture.

nitram3288

sory about the first post wrong labels

nitram3288

wave 1 and 3 are equal waves making wave 5 a candidate for an extension if wave 4 retraces at .382% my short target after retracement would be at 1.19466

nitram3288

Might be the last correction for the entire fourth wave before we see a huge drop on this pair.

nitram3288

wait for retracement to confirm.

nitram3288

it could go a little more higher wait for break for confirmation

nitram3288

It could retrace deeper.

nitram3288

waves 1 and 3 are of equal distance it has a POSSIBILITY that the last wave would extend and hit 100% retracement, after this move it will go down and break support trendline completing 5 waves, just my analysis.

nitram3288

short on the fifth wave or wait for confirmation

nitram3288

short after confirmation

nitram3288

buy on break

nitram3288

Horizontal rays acts as targets and also acts as support

nitram3288

Daily trendline acts as support with 200 combined with 200 ema go long on trend line break