$EUR vs $GBP Daily Chart. Flat completed |#eur #gbp #forex #flat

FX:EURGBP   Euro / British Pound
EURGBP dominant trend remains Bullish on the WEEKLY chart.
Since 6/10/2016 it has been in correction and has developed A (circle) and B (circle) corrective waves so far.
Right now, we are looking to sell the next impulsive C (circle) wave.

1 - Wave-A (circle) developed into a 5-wave motive structure, ending at 0.83045.
2 - Wave-B (circle) developed into a flat pattern, internal 3-3-5 structure (a),(b),(c) , ending at 0.89475.
3 - Wave-C (circle) could be developed into a 5-wave motive structure, ending close to 0.80300.

So with this internal structure we' re looking for a ZigZag pattern to complete near 0.80300, close to 50% fib retracement of 1-5 trend, where also A (circle) = C (circle).

-Longer term, after ZigZag completes, we should look for uptrend continuation.

Trade with Discipline.
Comment: Just an update, Watch price action this week, possible reversal point is now.
Daily chart on the corrective wave.
Comment: 4H Chart, see the impulsive -wave and how beautiful fib confluence is.
thanks @ChrisMark for this view, great analysis
+1 Reply
ChrisMark tom_mok
@tom_mok, thank you tom
I think your first 12345 count is wrong, you ignored the lowest low... your 1 is actually the 3 and the 5th is extended, that is why you had such a violent A wave down as the first impulse of the corrective structure
+1 Reply
ChrisMark Koryphaeen
@Koryphaeen, Thank you for your comment, you're right, was working in 4H Chart and missed to see the difference of my first wave low to previous lower low which is 40 pip, only after publishing it on a daily chart did I realize it.
However, the measurements stay the same, as the targets. Happy pips.
+1 Reply
Koryphaeen ChrisMark
@ChrisMark, This looks good now, I agree with you on this setup, I am waiting for the same C wave down... trade with care, do some profit mate... ;)
Beautiful trade setup, thank you for sharing your view. I have similar idea as well on this pair.
+1 Reply
ChrisMark jojofang0901
@jojofang0901, Nice jojo, waiting for that.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out