romeo2858
Short

EURUSD....Inside HURRICANE Cat.4 Part-1 (Cumulus Nimbus)

FX:EURUSD   Euro Fx/U.S. Dollar
It seems like, our first wave surge the "Tsunami"...is not quite perfect 5 waves up.
On smaller time frame (1min) I could only conclude the breakdown was an W - X - Y...that was it ... until the peak 1.0981.

If this surge was a wave (i) of 3 of Grand 3 Up trend...there should be indication of divergence on bigger time frame. So far occurance only once on the Weekly RSI . Not enough to convince me. RSI should be down again to make the 2nd divergence......that means price also has to go down.
If this hurricane is about to form in to a Flat or a triangle. Well...we do have the first triangle ( w - x - y ) for up. Next should be 3 wave down.
If this is going to be a zigzag , ...price at the moment peak also has to go down in 3 wave form.

Summary:
On the same conclusion....seems moment price peak is entering a Cumulus Nimbus Cloud. Like it or not....it has to go lower.

Key Points:
If Triangle / Flat ....Top Boundary 1.0981....Low Boundary 1.0520....in 3 wave move down to 23.6% level
If wave (i) of 3 of 3 or Zigzag ......correction to 61.8% @ 1.0805 (because this surge is high thrust)..
lower correction to 38.2% @ 1.0696

Precautions :
still inside the storm...... buckle             up....and read my previous post

Have a Good Trade.
Trade closed manually
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