UPDATE #1: EURUSD: After The Fall...Now What?

As I said in my previous post on this pair (see Related Ideas: "EURUSD: After The Fall...Now What?"), wave 4's are notoriously difficult to predict and this one lived up to form. It did not get very far before prices resumed the down trend. This is why it is SO VERY IMPORTANT to not jump into any trade without good solid PA confirming the trade. In this case, I never saw any good solid bullish PA to tell me it was "safe" to get LONG. But on the other hand, I also did not get a good SELL signal as well on this pair to take any SHORT position off the wave (iv) completion. It happened too fast for there to be any SELL setup. So I am left to watch and wait now. Which to me is not such a big deal because I am looking for a good opportunity for a LONG trade setup as soon as prices reach down to complete that POTENTIAL butterfly (green) and reaching that MAJOR SR Structure below.

I've adjusted my wave count to reflect the recent price action.

If prices get rejected from there, it COULD signal the end of this down move and the beginning of a very large and long-anticipated wave (C) up. That is what I am looking for. But I'll wait for the chart to tell me when.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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