on the daily and 4hr we have correlation with being over bought on all indicators. Elliot says its going to wave C, and it seems as if we are double topping on wave B. To furthur confirm the sell we have trend lines that have been respected for over 3 re-tests. Happy hunting and happy new yr!
boy you are trying to draw ending diagonal on preceding wxy correction, which completes wave 4 at 1.1566 region. beware its an impulsive wave 5 not ending diagonal.
kll
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I will short if price break 1.1980 which confirm the double top pattern on 4hr and 1 hr time frame.
Stop loss @ 1.2030. Target 1.1700 zone
MoneyEngineer
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@kll, right now on the 15min it has a lower low that cant break the .786 retracement. I placed my sell now. Fingers crossed haha.
fxnvest
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interesting my analysis also suggested 1.186. But I expect a fundamental test at the 1.18560 support. More like a bear trap.
fxnvest
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@fxnvest, What is more interesting there is a nice pattern to 1.14 which shows some demand zone there. We will see how the market plays, especially with Italy in 2018. Would be interesting to see 1.14, otherwise 1.23 seems a good target.
MoneyEngineer
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@fxnvest, I have C marked at the .618 retracement only ideally. But if you look at the prior elliot trend right before this one, it hit the 0.5 and the current retracement hits 0.5 on the support line. So most likely i think the support will hold.
fx888fx
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Thank's lot for sharing. Most probably this will happen.
MoneyEngineer
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@fx888fx, Last week i anticipated the drop too soon and lost money haha. It has to drop this week.