Sokow
Long

Week1: EURUSD will rise

FX:EURUSD   Euro Fx/U.S. Dollar
Since 2009 EURUSD             was trapped in a triangle. After wave e came to an end we saw another fast drop in price.
This rally should find an end at or near 1.02622 because waves A and C tend to be equal in a correction (see Elliott Wave Theory) and its near the fibonacci level of 0.764.

I'll do a weekly check-up!
Yahia.Awes
2 years ago
I would love to see your weekly checkup! Don't you think we will have a small correction before we go to the support line? Because the Stoch RSI is flattened and the RSI also shows that it's oversold right?
+1 Reply
Sokow PRO Yahia.Awes
2 years ago
Thank you for your interest.
I believe we get another correction. There are at least 200 points space and the last correction is 3 weeks ago.
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Olu
2 years ago
I agree with your idea of a 5 wave massive rise in the euro. However I dont think you can just put a blanket number out. Yes there is a EW tendency for equality but it is just a tendency, a guide and not a fixed rule. A turn up can happen before or after that number. But I agree we should be getting ready to board the 'long' bus
+1 Reply
Sokow PRO Olu
2 years ago
I'm pretty sure everybody who is playing this 'game' long enough knows that there are no fixed rules. Because of that I've written that they tend to be equal ;-)
Who knows who knows .. let the market decide!
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Olu Sokow
2 years ago
We are in agreement. They do tend to be equal as you said.
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Nightwish
2 years ago
if you have in mind ECB decision and direct interest in exchange rate and weak EUR - I do not see this working. maybe some retrace till the fresh printed money comes in and you will get another sell off. this is a penguin - it is a bird, but wont fly.
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Olu Nightwish
2 years ago
I hear you NW. However I have seen many instances where technicals trumped nightmarish fundamentals many times. Many times a new fundamental comes in to take out the old one and the merry go round continues. However as I alluded to in my earlier post it is not clear that the low in the eurusd is in and until then it is bearish. Thanks for your post. Very enlightening to me
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priince
2 years ago
what do you think of FOMC?
Reply
Olu priince
2 years ago
I dont think interest rates will be raised immediately. The market is waiting for the omission of the word 'patience' and the $ will be off to the races upwards. If there is an inclusion of the word we could have a massive retracement in the $index.
+1 Reply
priince Olu
2 years ago
so do you think that EUR/USD will rise?
+1 Reply
Sokow PRO priince
2 years ago
yes
+1 Reply
Sokow PRO
2 years ago
Looks like EURUSD is forming a triangle in the 1H-Chart (just a snapshot). Other scenarios possible.
snapshot
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Sokow PRO
2 years ago
We see an irregular correction where wave b finishes below the starting point of wave a. In this cases wave 4 (in 5 subwaves) reaches a level of 200% or 261.8%.

snapshot
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