Hi Traders,
After a small rebound to 1.18-1.19, the EURUSD (now at 1.1852) should resume the downtrend. First intermediate target: the area 1.174-1.172
ELLIOTT WAVES
The monthly chart and the weekly chart reveal that the Euro might have entered a pattern that could last years in the making. If this is the case, the present wave configuration is the typical wave 4 of a downtrend which is made of:
After a small rebound to 1.18-1.19, the EURUSD (now at 1.1852) should resume the downtrend. First intermediate target: the area 1.174-1.172
ELLIOTT WAVES
The monthly chart and the weekly chart reveal that the Euro might have entered a pattern that could last years in the making. If this is the case, the present wave configuration is the typical wave 4 of a downtrend which is made of:
- three-five waves up to 1.21 (wave a),
- three waves down to 1.08 (wave b),
- followed by five waves up to 1.30 or so (wave c).
The daily chart and the 4-hours chart show a small downtrend made of five waves, four of which are fully deployed already. The fifth wave down just started unfolding.
NOTE the target at 1.174-1.172 in the 4-hours chart and the target at 1.136-1.124 in the daily chart.
Monthly chart. Click to enlarge
Weekly chart. Click to enlarge
Daily chart. Click to enlarge
4-hours chart. Click to enlarge
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