ChrisMark
Short

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

FX:EURGBP   Euro / British Pound
Traders,
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.
Best
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
Reply
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... ;)
Reply
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.
Reply
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