FX:EURTRY has been trading bullish for some time, but at the end of May slowed down, clearly in a three-wave A-B-C correction with the same length of waves A=C, which are actually ideal three waves down in EW theory for a regular correction.
As we know, in EW, five waves indicate direction of a trend and EW also says that after every fives, a three-wave correction follows. If we take a look at chart, we can see really nice five waves up from 5.1759 lows and also slow three waves down, which means that we are trading near ideal support zone for a bounce between 50% - 61,8% Fibonacci retracement in a 5.28-5.34 area. Even if goes lower, we will remain bullish, as long as it's trading above 5.1759 invalidation level.
At the moment it doesn't matter, if it's going up in wave C or 3, we are always looking for a minimum expectation of three waves A-B-C or 1-2-3, so 5.63 is our first target, but if from any reason goes much more impulsive, then next target can be also 5.81 for wave 3.
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EURTRY spiked down, right into projected and ideal support at 5.28 level around 61,8% Fibonacci retracement with a complex w-x-y correction. So, be aware of a bounce, just keep in mind that Bulls will be confirmed only above 5.43 level and even if goes lower here, we will remain bullish as long as it's trading above 5.17 invalidation level.
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EURTRY went slightly lower into a deeper pullback, but seems like it's finally turning up, since we see a bounce with five sub-waves after a completed ending diagonal. Bullish confirmation is only above 5.43 level.
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As expected, EURTRY breaking higher in an impulsive manner and there can be room for much higher levels, but we are always looking for a minimum expectation, which in thise case would be a five-wave rise for wave C/3 towards 5.55 level.
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Seems like EURTRY has completed a five-wave rise, which means that a deeper correction may follow, before a continuation higher. So, we assume that EURTRY can be headed back to 61,8% Fibonacci retracement, where ideal support would be at that channel resistance, which can act as a support around 5.35 level.
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As expected, EURTRY made a deeper correction and still looks bullish. We have just slightly changed our count, based on the latest sideways price action. We assume it's a big bullish triangle in forming, so EURTRY can see more upside towards new highs, once a corrective triangle pattern fully unfolds. Bullish confirmation is only above 5.53 level, as long as it's trading above 5.1750 invalidation level.
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From a textbook pattern into perfection! Nice bounce from wave E! More upside can be coming, especially if breaks above bullish confirmation level, which would confirm that a bullish triangle is completed. #eurtry #elliottwave
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As expected, EURTRY broke out of a triangle into new highs! Carefully here, it's 5th wave, so drop may occur anytime.
great analysis!
guess you reached your tp at 5.55
today we reached a fibo retracement at 5.417 area.
look like it is a good entry point for a new long.
Looking forward to your update.