Following Elliot Wave Structure, the EURUSD is carving out the ABC corrective structure.
The measured move of the next corrective C leg will coincide with the 61.8 Fib level retracement of move 1.18 & 1.12 sub levels which will be between 1.148 & 1.150 zone. The zone also qualifies as a strong supply zone where we will look out for sell signals to short the market and ride the supercycle wave 3 to sub 1.19 levels.
ACTION PLAN
1. Look for buy Signal @ 1.1319 level and Target wave C/II which will coincide with the 61.8 Fib retracement for the down move which also serves as supply zone
2. Look for sell signal in the confluence zone 1.148 & 1.150 to go short and target around 1.180 which will be the wave 3 of the down trend.
This trade looks ambitious though but let see what happens whether the market will prove as wrong. This is a long term trade and suggestions are welcomed.
Updates will be posted as trade unfolds.....
The measured move of the next corrective C leg will coincide with the 61.8 Fib level retracement of move 1.18 & 1.12 sub levels which will be between 1.148 & 1.150 zone. The zone also qualifies as a strong supply zone where we will look out for sell signals to short the market and ride the supercycle wave 3 to sub 1.19 levels.
ACTION PLAN
1. Look for buy Signal @ 1.1319 level and Target wave C/II which will coincide with the 61.8 Fib retracement for the down move which also serves as supply zone
2. Look for sell signal in the confluence zone 1.148 & 1.150 to go short and target around 1.180 which will be the wave 3 of the down trend.
This trade looks ambitious though but let see what happens whether the market will prove as wrong. This is a long term trade and suggestions are welcomed.
Updates will be posted as trade unfolds.....
Trade active:
Price bounced up support level as expected...trade entered @ 1.13321 and SL @ 1.1295
Trade closed: target reached:
objective achieved at wave 3
however wave 5 under development to 1.115 level.....
however wave 5 under development to 1.115 level.....