See my wave count.... not happy with the lower degree fibs on B wave but structure looks ok with Head and shoulder at 61.8 fib......
5 wave impulse wave with 3 wave correction. wait for support to confirm the look for long entry... will update if position taken.
Potential expanded flat, long entry on close above minor wave 4....
as per chart and wait to see if it finds support before long
I think we have and expanded flat correction forming that offers good reward. Taking a tight stop short entry here from the lower time frame correction.
With Interest rate announcement tomorrow I've analysed this pair. My conclusion is that we have a 5 wave structure down and at this point favour a long entry on announcement . will update as price action develops...
entry on break of neck line. Risk reward is poor but there is potential for price to retest the low so i will try to let it run if trade plays out. structure has a c wave with extended 5th. extended 5th usually correct aggressively so it price falls slow will try for target.
I have a few EW counts on this pair and weather or not this is a leading or ending diagonal I'm expecting a pull back. A bearish 4hr candle signals a reversal so now looking to sell at a 50% re-tracement or break down in the low time frame correction..
Looks like wave 3 will complete at this level. expecting wave 4 pull back then will watch for wave 5 to complete and take short position as shown in chart. Will update if trade plays out and I take position.
Break out or fail im not sure, I'll be watching next weeks price action. I feel the low in the cycle is in with the strong move off the base trend but there is still room and reason to think that the move can continue to consolidate and even correct further... A clear break here and ill look on lower time frames for entry..
Simple structure shape and divergence in MACD suggest a pull back is coming... Waiting for price to break daily low or the corrective pattern on the lower time frame.
Seen traders looking at the short side of this pair but looking bullish for me. Will try my luck on long entry on low time frame if it sets up. details in chart.
Should get a direction this week. looking to enter long or short depending on which way it breaks on the 4hr chart. Stop will be on the other side of the pattern and target as per the weekly chart.