Here is my from my Post-Brexit analysis post where I was expecting prices to still head lower:
Here is my now updated where I have now changed my wave count to reflect even MORE downside yet to come before any reversal. The change in wave count is from a WXY with a completed X wave soon to come and then a move up from there to what is now an ABC wave 4 with wave A completed and prices dropping in a wave B with expected much lower prices to come before we get a bounce.
There is also a POTENTIAL in play BUT I am expecting that prices should go lower than the completion. Low enough to even challenge the wave (B) lows.
Pulling out and looking at EURUSD from a broader perspective, you can see clearly that it has been and still is in a massive sideways correction. I had talked about the possibility of a sideways triangle forming in this pair several months ago. You can see the outlines of that triangle here in the pink dashed lines. Prices so far seem to following that triangle and prices are headed back down in what would be the leg D of that triangle. Should it reach as far as the lower TL of this possible triangle, that would go a long ways to confirming it.
Here in this 4HR chart of EURUSD , I am showing just show darn complex the wave count on this pair is right now. Not anywhere near to being straightforward and this wave count can still change depending on the PA to come. For now, we could see it move back up again to complete an X wave and a POTENTIAL Bat before we see the final leg down to complete the wave B and/or the leg D of that possible triangle.
Does this kind of analysis help you with your trading? Want more in-depth analysis of markets like this? Just subscribe to my website and you will get in-depth analysis, commentary, intraday updates, access to private chat rooms, REAL-TIME trade recommendations and trade updates and more!
Website: http://www.efxselect.com to subscribe
Join my Skype chat room! It's FREE (requires registration): Skype link: https://goo.gl/2fwvsa
Documented Trade Log here: http://bit.ly/29AeqnC
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Year-to-date Profits: +5,794 pips.
Weekly Best Bets Newsletter: http://bit.ly/2uEvQWF
This Month In Indexes newsletter: http://bit.ly/2tGqpcy
Want results like this? Join us: http://bit.ly/29x4bfM