JvdB99
Long

EURUSD upward move

FX:EURUSD   Euro / U.S. Dollar
The EURUSD is currently in a symmetrical triangle (blue trendlines ). I believe this will break in a short term. I expect that it will make an upward movement. As you can see, the Elliot wave has been applied. Here you can find point E in the lower part of the triangle. If the elliot analysis is correct, the triangle will break in the next movement.

I expect an uptrend because the green zone is currently being respected several times. Price is pushed upward multiple times. This gives an extra indication that we should think about a upward movement. Also there is a engulfing bar appearing. Nevertheless, it remains to be seen how this daily candle would close.These are motivations to believe that the EURUSD price will soon make an upward movement.

If the analysis is correct, I would take a position with a TP at 1.15400
This is a level that is respected multiple times. So it is possible that this point can be a reversal point.


Trade closed manually: The triangle is broken to the wrong side of the analysis. Supply zone has also been broken. I expect a pullback back to the supply zone. after this the downward trend will continue. Unfortunately, the analysis did not come true.
Trade active: Late update:

Price respected the green zone. Last update was about the 1 and 4H timeframe. If you took a trade in the green zone we have a nice profit for now. Finally there is a triangle breakout to the side of our analysis. I will update the analysis if we reach the TP.
Trade closed: target reached: The trade finally reached the TP!! We reached a profit of a nice +170 Pips! Congrats for the people who took the trade.
What is your upper cycle count ???
Here is my count...


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fvideira fvideira
Your first wave down is not part of the corrective wave, please see my chart
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noob
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