3 Waves Patterns are very common. In classic Elliott waves patterns there should have 3 impulse waves with corrections. Chris Lori who does not subscribe to Elliott waves, also speaks about commonality of 3 impulse waves. Though he told price is unlikely to break 1.20 before the US elections.
During the 1st wave we saw 0.38 retracement. Price did not violate 0.38 retracement for now.
We do have unfilled inefficiency to the upside and price might push for liquidity base that I marked. We also have unfilled inefficiencies to the downside (disturbing of course as legs are very skinny).
EURUSD has thinnest yearly CPR in its history. Such thin CPRs usually generate massive volatility - this I was warning earlier this year. The attractive new EU Bonds (first time in history) are behind the euro bullishness. EU sold only 17 bill. I think the total sales plan was ca 30 billions for 2020. The Next EU bonds selloff (check when its scheduled) can drive euro bulls mad by the end of the year.
This is not a financial advise or trading setup. Just an idea to show where price will run in case of 3rd wave.
During the 1st wave we saw 0.38 retracement. Price did not violate 0.38 retracement for now.
We do have unfilled inefficiency to the upside and price might push for liquidity base that I marked. We also have unfilled inefficiencies to the downside (disturbing of course as legs are very skinny).
EURUSD has thinnest yearly CPR in its history. Such thin CPRs usually generate massive volatility - this I was warning earlier this year. The attractive new EU Bonds (first time in history) are behind the euro bullishness. EU sold only 17 bill. I think the total sales plan was ca 30 billions for 2020. The Next EU bonds selloff (check when its scheduled) can drive euro bulls mad by the end of the year.
This is not a financial advise or trading setup. Just an idea to show where price will run in case of 3rd wave.
Trade closed: target reached