HiTech, your idea is interesting. We had supply coming in the EURUSD on Friday 17th. If this supply manages to overcome the demand at this levels. It could lead to a down move like the one you suggest. Take a look at my analysis of supply and demand:
The main thing here is the trendline, well the actual breakout of it. The idea is that market will travel down the same distance from the breaking point down (in our case ) as from the high to the breaking point. So that target is marked as support and it has been taken out, so the downside target is now double of the original. Fib cycles help with the timing
uhmm... it is clear a part 1 thing.. Why you think that the distance from the bottom should be the same, then double of the original? what is the reason of this detail? .... if it becomes clear, everything in your chart becomes clear for me.