ElliottWaveBelgium
Short

EURGBP - Pullback (short) before rally to the upside - R/R 4.7!!

FX:EURGBP   Euro / British Pound
I think we finished a large ABCDE Triangle at ~0.8660
This move higher therefore should be wave 1 of an impulsive wave.
We are nearing it's termination point as we can count 4 waves already and making wave ((v)) as an ending diagonal it seems.

This means, once this larger wave 1 ends, we will see price pullback in a 3waves move lower for wave 2, ideally to the 0.618 Retracement level before going up higher for wave 3.


*** This is a Short opportunity if you like because of the clear Invalidation level;

Trade Setup :

* Entry : Pending around ~ 0.8935 to 0.8950
* Stop : 0.8962
* Target 1: 0.8825

R/R : 4.7 !!!


Follow, share, like & comment if this helps !

Nov 22
Order cancelled: Order cancelled, price turned around a few pips before entry zone.
Now wait for retracement to end to go long.
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