I'm by no means an Elliot wave fan but on a daily and weekly chart it proved to be valuable. I believe we are in a weekly/monthly 4th wave correction, and daily cycle we could see an extended 3rd wave with signs of an ending diagonal on lower time frames.
Due to seasonality and low liquidity, we could see EURSD going into a range after December CPI reading, Today's news could see some buy stops being hit and a sharp drop and then a rebound heading into 2023. I'll be waiting to sell EURUSD till March 2023. Based on FOMC comments Powell does sound a bit dovish, but lets see what CPI prints December and January that will set us up for next year.
Due to seasonality and low liquidity, we could see EURSD going into a range after December CPI reading, Today's news could see some buy stops being hit and a sharp drop and then a rebound heading into 2023. I'll be waiting to sell EURUSD till March 2023. Based on FOMC comments Powell does sound a bit dovish, but lets see what CPI prints December and January that will set us up for next year.
Comment:
That red line in the sand was drawn a month ago
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