Quick plot to map upcoming resistance zones. Initial bounce was strong and clearly "Impulsive". But the resulting movement is more "Corrective".
The Elliott Waves plotted are purely a GUESS of movement. But the Fib zones are SOLID and each will caue a reaction. WHICH line will turn it? Hard to say, but ONE of them will.
75.368 - 75.494 is immediate resistance and possible end of a sub-wave. 75.970 - 76.068 would be end of a full wave and should retrace quite a bit. 76.8xx - 77.3xx has two zones that will most likely end the bounce for a while.
See some of my other Forex calls below. I also plot Crypto and some Stocks, check my Profile Page.
(massive profit, no drawdown) (perfect short a year ago) (still in play) (perfect top, huge profits) (the very tip-top a year ago) (perfect entry, huge profits) (Upthrust warning just in time) (recent perfect entries) (exact top pegged) (perfect entry, huge profits) (Perfect entry, still in play) (Prefect entry, almost done)
Of course, I have had total FAILS on some plots also, not going to pretend. But my plans offer PRECISE entries, TIGHT stops, and EXACT take profits. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Looks like the first possibility is underway a bit early to say wave C has ended, but starting to look like it. London Opens an hour from now, so I think UK session will make that clear.
Zooming in and adding a fib on the pullback The pullback appears to have "Fib Legs" as in establishing a rhythm. That means it is likely to continue in that direction, but lets see what the London boys have to say about it.
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So the bounce from the 2.618 got some fuel from Trade War good news Got it past the Impulse that created that 2.618, a strong bull sign,
Zoomed in and adding a Fib to the bounce Decent adherance to the fib zones, and AGAIN a nice bounce from a 2.618 !!
Zoomed in MORE and adding a Fib (red) to the drop with the fib of boucne in blue still there we see several tight Confluences between the two fib series. Those areas will be of great interest when approached.
Zooming OUT a bit and plotting both fibs There are three clear support zones. of course, any fib line could act as support, but where there are confluences, is where the strong zones will be.
So we are currently in an un-determined state, both technically and fundamentallly for this pair. Lets see if Friday's US session brings any risk sentiment moves.
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Leg "D" appears complete, trying to develop leg E Lets see what risk sentiment says today.