Impulse or Correction?

FX:EURGBP   Euro / British Pound

Since this is a monthly chart, we don't have a complete history of this chart... (i got access to "super charts" from my broker, and there i have a little more history, in some cases, the full history... Oct. '79 Resistance and Feb '81 Resistance are some examples.

The AB=CD pattern inside a corrective leg...
So, IF this is a 3 waves correction, it should be completed with an AB=CD pattern, and we should see the price to keep moving upward, starting to forge a new "impulse" leg, or eventually entering a consolidation period between the resistance @0.74864 and the resistance from Oct. '79, now support @0.66730.

IF this is a 5 waves impulse, we should see a continuation of the downward move, eventually with a target close to Feb '81 support.

The price broke the long term trend line , we are negotiating below previous support, now resistance, tested it and rejected.

We have a channel very well "supported" by his bearish trend lines.
In case of an impulse leg, we can see that the price should stay inside the channel while completing the waves.

Im looking for Short opportunities...
Checking lower time frames is crucial...

Safe trades;
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
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder 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