Hello and welcome to my EUR-USD idea. I will try to expalin everything better i can. So, without any loss of characters, let's start.
Weekly situation
The first job that we need to accomplish is watching the general situation: the W timeframe. In this way we can realize what is the situation and what we can expect in the future. More, we can see what is the market: Bull or bear. So, we can classify a wave as motive or corrective in a better way.
So we say that the pair have finished a complete 5 cycle with the corrispective correcton, labeled with W X Y.
More, the pairs seems to have started a new cycle with a first 1-2-3-4-5 cycle and the corrispective zig zag.
Conclusion: N THE LONG RUNG, THE MARKET IS BULLISH...
Daily situation
In the daily chart we can see that the pair have already completed the second new 5 wave cycle.
So we have this situation:
The pair so have completed the first wave of the third wave and this can be confirmed also by volumes, that are higher than the previous cycle.
Now we need think: that ABC movement is completed or not ?
The Elliott theory says that corrections usually have the max retracement at the level of the wave 4 of a more general degree. In this case the support signed by the red circle.
So it is likely that the correction is finished and we are now in a new bull market.
LET'S SEE WITH A ZOOM THIS NEW BULL MARKET
1H TIMEFRAME
In the 1H situation, i recognize this full cycle followed by a zigzag. So also in the short term i expect a bull market.
For the moment, it's all. Don't esistate to comment and give me your opinion.
Best regards!
Weekly situation
The first job that we need to accomplish is watching the general situation: the W timeframe. In this way we can realize what is the situation and what we can expect in the future. More, we can see what is the market: Bull or bear. So, we can classify a wave as motive or corrective in a better way.
So we say that the pair have finished a complete 5 cycle with the corrispective correcton, labeled with W X Y.
More, the pairs seems to have started a new cycle with a first 1-2-3-4-5 cycle and the corrispective zig zag.
Conclusion: N THE LONG RUNG, THE MARKET IS BULLISH...
Daily situation
In the daily chart we can see that the pair have already completed the second new 5 wave cycle.
So we have this situation:
The pair so have completed the first wave of the third wave and this can be confirmed also by volumes, that are higher than the previous cycle.
Now we need think: that ABC movement is completed or not ?
The Elliott theory says that corrections usually have the max retracement at the level of the wave 4 of a more general degree. In this case the support signed by the red circle.
So it is likely that the correction is finished and we are now in a new bull market.
LET'S SEE WITH A ZOOM THIS NEW BULL MARKET
1H TIMEFRAME
In the 1H situation, i recognize this full cycle followed by a zigzag. So also in the short term i expect a bull market.
For the moment, it's all. Don't esistate to comment and give me your opinion.
Best regards!