Last week we saw the anticipated pullback (see Week6) but closed above the previous high of wave (i) (in red).
It looks like we have a with the wave structure 3-3-5. On the left side you see a textbook example. Let's see if we can get a real life example in EURUSD .
The impulse wave (c) (in black) should carry prices to the area of the wave iv (of one lesser degree) and should end within the triangle. After that we should see a last impulse move down (5 waves) to complete the whole structure labeled as C (in black).
I also think that there is a possibility for a truncated wave 5 (in green) so that we reach maybe 1.02 and then see a strong move up.
See Week5 for a cluster support area:
I wish you the best for the week.
I'll keep you up-to-date with intraday charts. Stay tuned!
Wave (iii) hit exactly the 1.618 fibo and now we should see wave (iv) unfolding. This should be a sideways correction wish typically retraces 0.382 fibo of wave (iii).
Targeting for wave (v): We measure the distance of wave (i) through (iii) and add it to the expected end of wave (iv) and look at 0.618.
This is the still valid target from the main forecast at the top.