EURUSD: More Downside To Come Before A MAJOR Trend Change

EURUSD has been a very difficult to trade pair as of late with many whipsaws and swings. That hasn't changed. With the recent turmoil in this market, I have been forced to change my wave count somewhat and my overall short term outlook onit from one of expected bullishness soon to a more bearish outlook.

Here is my DAILY chart from my Post-Brexit analysis post where I was expecting prices to still head lower:

Here is my now updated DAILY chart 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 Cypher in play BUT I am expecting that prices should go lower than the cypher completion. Low enough to even challenge the wave (B) lows.

Pulling out and looking at EURUSD Daily chart 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.

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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!

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