Placing the finishing touches on a bounce - 1.15 key level

FX:EURUSD   Euro / U.S. Dollar
4613 33
The sell off from this morning has popped outside of the purple channel. Therefore, it appears to be a smaller degree wave 'x' and we are working on a wave 'y' higher. Based on wave relationships, this places a potential reaction zone in the 1.14-1.15 area.

This runs a similar pattern to the GBPUSD we wrote about last week.

Traders can place their risk above the Aug 24 high while targeting new lows below 1.08.

There is an alternate view that suggests we are in a larger degree (X) wave that likely digs deeper. A move above 1.15 will enhance this count.

Sentiment is running with net sellers going into the FOMC meeting tomorrow. Be mindful of your trade size as volatility is likely to pick up.

Good luck!
Hi Jeremy.....just back from Holidays! Do you think this is to late to get into now or that there is still enough wave 3 potential there? Perhaps if it breaks below 1.1080 ish?
JWagnerFXTrader DavidRoberts
Hi David - welcome back! You should be getting a fresh look at the charts after having some time away.

So long as resistance levels hold, we can continue to look lower. Prices may retrace to 1.12 but would need to stay below 1.1270 to keep the 3rd wave interpretation as the preferred view. A wave 3 should ultimately break 1.08 and pressure 1.04.

ChatchaiVong JWagnerFXTrader
please , update EU

thank so much
rick.alter.35 JWagnerFXTrader
hey jwag ... same wave count as you..think we're in a triangle now for your purple circle wave 4??
The trend on the weekly and monthly chart for this currency pair is high. So let's take advantage of an opportunity to enter into a low as possible and thus achieve higher levels of TPs.

Hi Cainara - I appreciate your input. Best of luck!

BTW - it looks like you have the Great Wall in the background of your picture. What part of the wall were you at?
Cainara JWagnerFXTrader
My wife and I were in a part of the wall next to Beijing. Look my work in Brazil http://www.tourchapada.com. You are my guest.
Fantastic work in Brazil! The Great Wall is an incredible work as well. Thank you for sharing.
Great call. Looks like correction is finished. What is your big picture view ? Serious decline just starting ?
JWagnerFXTrader TomaszIgnasiak
Hi Tomas - I'm looking for at least another 5 wave decline to 1.08. It can run lower, it may not make it there. The market just completed 5 waves down and 3 waves up and therefore, I'm looking for at least 1 more 5 wave decline lower. Time will tell how aggressive it moves.

Keep in mind, a probabilistic view is not a certain view. We don't know for sure if this will happen...the probabilities appear shifted in that direction.
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