Wednesday 28 June 2017

The EURO Topping Soon?

Hi Traders,

The Euro (now at 1.1340) is a whisker close to a possible Turning Point in the target area 1.1300-1.1459, as I previously suggested in another Post. First target/support (after topping): 1.09 


The monthly chart shows four waves down. Wave-4 is almost completed and a new wave-5 downtrend might be starting soon. Note the target at 1.09.

The weekly chart displays a massive 52 weeks compression pattern (a-b-c-d-e) which encompasses the whole wave-4. Note the target in the area 1.1379-1.1459.

Besides, check the channel drawn on the weekly chart. The target displayed by the blue horizontal lines is actually just above that channel. This suggests that there could be a little "throw over" (W.D.Gann terminology) before the reversal occurs.

The daily chart shows the large Pennant which shaped "wave-e". This should be the very last leg up of the major wave-4 displayed in the weekly chart.

Monthly chart, click to enlarge

Weekly chart, click to enlarge

Daily chart, click to enlarge