Triangle has formed on the EURUSD Creating wave B or X. Triangle relationships tend to retrace .618 of the prior alternate wave. This gives us a good Take profit level. Wave E only has to retrace 50% of wave D to become valid. When that happens, keep a close eye for a entry to a new impulse wave to create Wave C or Y.
There is a strong Alternate count to the downside. Trade with confirmation before jumping in this trade!
Trade closed manually:
I took the profits here. Allot of downward pressure for this pair as I stated of the other count down. The probability for this triangle to fail is higher then id like.
Just got home and looked at this a little closer. The 1 does prove a challenge. If that does break. Then a recount to a corrective structure will be in place. Im open for both down and up positions. Waiting for confirmation for either trade.
I like the upside, it gives us more room for reward. Also it gives us allot more trading opportunities for the downside. If it goes down now, im afraid the best entry for that position has already happened and ill be forced to trade the smaller internals.