! W-Formation and a wide range !

FX:EURUSD   Euro / U.S. Dollar
This picture speaks for itself. I am almost sure that the big players will use the full scale of this visible range and the one below the double bottom for the next few days or even weeks. Please also note the negative divergence with the momentum in this timeframe. To get a better picture of this W-formation please go to H4 and see the last downtrend which has a nice 5 wave count going on with the 5th wave working on its completion. I am waiting either for a move above the middle line of this current range or place a buylimit on the lower end at around 1.2828 just in case we get a fast and relentless drop down. On the other hand I am on the short side once the level mentioned before does not act as support. The potential of both ranges is 300 pips. I guess with patience we will be able to enter the market on safer terms than right now. Let the price come to you. I am waiting for it.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.