EverythingForex

(F) EURUSD: The Fractal Effect Says The Next Move Is Down.

FX:EURUSD   Euro Fx/U.S. Dollar
1008 4 19
Three days ago, I posted this post where I suggested that fractals could tell us where prices were headed and what to expect next:
EURUSD: Fractals Turn Confusion To Clarity

Here's the updated Daily chart . In this updated chart of EURUSD             , you can see that prices did EXACTLY that. Right to the tee! This was what the previous fractal said it would do. And it did. Pay attention to that upper TL. That TL is the extension of the bottom TL of the first larger fractal. It is also the mirror line separating the two fractals. It is an important TL and you can see how prices kept hitting off of it over and over again. And it just did it again. And it will still have a role going forward. Mark my words.
snapshot

8HR CHART
In this 8HR EURUSD             chart, you can see clearly how prices rose up to hit that upper TL and was subsequently rejected. That upper TL combined with a lower TL set by prices earlier in the trend combined to create a trading channel upwards. I am now expecting that prices will now reverse back down to that lower TL before we see another sustained move up. I see the recent weekly trend up as the wave (W) of a complex WXY wave up of the larger overall wave (C). This move down I am expecting will be the wave (X) of that WXY.

This move up to hit that upper TL also completed a POTENTIAL Bat that was waiting. This coming drop back down should also at the least hit the TP1 of that bat. And it may very well also hit the TP2.

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Ya... love the fractals. I should have been paying more attention to the EURUSD as I missed that top. But I caught this one. Love EW.
EW still blows my mind... Picked this up just off the bottom
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EverythingForex PRO peterdcharlebois
yep. been trading for 25+ years. Been using EW (my own version of it anyway) for 15+ of those years and can't trade without it. You pretty much have the same as I had on USDCAD. Posted this on it 3 days ago for anyone who cared to listen: https://s3.amazonaws.com/tradingview/x/xDknJqSD_mid.png

Congrats on catching that!
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peterdcharlebois PRO EverythingForex
Thanks... it always helps to get a good boost from a successful trade like that. I hope you caught the top of that EURUSD. There are a number of good trade opportunities coming in the next few days and weeks. Retracements and then trends resuming. Should be good. The JPY is gonna move like crazy in the coming days and weeks. Cheers -

BTW... what's your take on the USDCAD long-term? My view (at this time) is that it may have topped long-term.
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With this view then you are expecting the DXY Dollar Index to fall much further.... comments? I will post what i think is happening there.
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