Before I show you the updated MONTHLY chart, I first want you to see what I posted 2 months ago:
Compare what I posted then with this updated MONTHLY chart: :
Ok, so you've seen my Monthly and Weekly charts so let's start putting it all together here before I get into the fine details in the lower TF's. Here you can see the ABC 3-3-5 flat corrective wave IV unfolding more clearly.
The wave A of IV unfolded in 3 waves as wave B of IV is doing now. However, wave B is unfolding in a ABC 5-3-5 pattern. And that is where we are at now and what I am tracking. The question is where in the wave c of B of IV are prices now? What part of the 5-wave decline is prices in? This is the tricky part to decipher and pinpoint. What I am showing on the chart is a 5-waves leading and ending down where I have 2 POTENTIAL patterns waiting to be filled and also the .886 retrace of the wave A. This is a possible strong reversal area but we'll need to be patient and see how prices react at that point first. If this is going to be a , then I would expect to see this wave B drop down to test the very lows of wave A at 100% retrace and probably break below those lows to fill both the POTENTIAL from the MONTHLY chart AND also that POTENTIAL #2 (blue).
Well, I guess I kinda already talked about the patterns above in the WAVE COUNT section, huh? But there are the other 2 POTENTIAL patterns I didn't mention yet: the POTENTIAL bat and the POTENTIAL #1. Both complete almost on top of each other and both would complete at/near the .886 retrace which is the strongest reversal level within the G-Zone High Probability Reversal Area. This makes that point a very strong possibility for a reversal to occur. I would expect there to be some kind of bounce to occur there but what will it turn out to be? A short bounce before heading lower again? Or a full-on reversal?
Want to see the FULL ANALYSIS I have on this pair right down to the nitty-gritty? Go to my facebook page: www. facebookdotcom/efxselect where you can get the FULL ANALYSIS and also many other free analysis and tips exclusive to my FB group followers!
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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