Sokow
Long

Week7: EURUSD will rise

FX:EURUSD   Euro / U.S. Dollar
I'm still bullish!
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 flat correction 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!
@Sokow, EUR/USD goes pricisely as you draw... thanks for the charts. good day
+1 Reply
Update!

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.



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An interesting alternative to the negative scenario which the vast majority of retail traders seem to favor.

+1 Reply
Sokow mustard


Comments updated.
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Sokow mustard
Triangle has been invalidated. See my last comment here.
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Alternative scenario:



This wave 4 could form a triangle, labeled as (a)-(b)-(c)-(d)-(e).
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