EverythingForex

REPOST:ANALYSIS: EURUSD - STILL CONFUSED? LET THE PATTERNS SHOW

FX:EURUSD   Euro Fx/U.S. Dollar
260 3 6
SORRY! I posted this previously but in the previuos post, I used the wrong chart for the main chart. This is the the correct one

***NOTE TO THE PROGRAMMERS"
The "visibility" option is not working properly when publishing charts! Although i selected the visibility option for my chart drawings, they are still all showing in the chart I am publishing causing a very cluttered and confusing display!


Up and down. Up and down. Seems the market is as confused as you are lately, right? Not surprising given all the conflicting views both technical and fundamental that everyone has. Well, let my analysis try to shed some light on what's going on and what may happen next.

BRIEF SUMMARY
For those of you in a rush or just don't like reading through my long detailed analysis, I believe prices are still heading down....for now! But the downside is limited. There are 3 harmonic patterns that all will complete at/near an upward sloping trendline that could be defining the current consolidation wave this pair has been in for a while now. When prices reach this area, I will be expecting some sort of upward bullish price reaction.

THE PATTERNS
Since my headline speaks about patterns showing the way, let me get right into that. The 3 patterns (all bullish of course) are:
1. a Gartley (better visible on the Daily chart
2. A butterfly (in green on this 4HR chart)
3. a crab (better seen on the 1HR chart)

Both the Gartley and the butterfly would complete within the PRZ of the smaller crab pattern . They would also both complete actually somewhat below the lower trendline of the current consolidation wave. But that is not all that unusual as "fakeout breakouts" often happen. Especially since there's been some days of consolidation now down where prices are currently. I imagine this has caused a lot of anticipation of a downside breakout occurring soon.

OVERVIEW - BEARISH
This MONTHLY chart shows that this pair has been in it's corrective phase for some time now and in my count, it is completing the wave C of the second double zig-zag ABC pattern. Keep in mind that this is a MONTHLY chart and that any price movement is still rather large. Having said that, looking at the "area of focus", you see a possible consolidation pattern. Possibly a bearish pennant forming. Some more downside price movement may be forthcoming as this indicates that this wave C is not yet finished. When this correction is finished, I'll be expecting a very strong impulse wave up that will take prices to new highs. But that is still a ways off.
snapshot

DAILY CHART - OVERALL BULLISH
When I say "overall bullish", I DON'T mean to expect prices to head north now. Overall, I am expecting prices to go down to complete the patterns and then head north.
snapshot

1HR Chart - POTENTIAL Bearish Trend-Continuing Cypher
Here's closeup of the bear cypher that may form and head prices down towards completing the 3 bullish patterns. I will focus more on this cypher should it look to complete in a separate post.
snapshot

CONCLUSION:
I'm looking to go SHORT if the trend-continuing bearish cypher should complete BEFORE prices head down towards the 3 bullish patterns. Of course, when prices do make it down to those 3 patterns, I'll be looking to go LONG.

If you like my analysis and find it useful, please take a second to hit that LIKE button and follow me. It takes some time to create these posts and I would like to know if you find them helpful. As always, agree or disagree, your comments are welcome.
BIG NEWS! Want a FULL WEEK of FREE ACCESS to my member's charts & analysis? If you want it, PM me! Also, for all who PM me, you will be entered to win a FREE MONTH'S Subscription! PM me for details!
aryahi29 PRO
a year ago
THANK YOU.. PLEASE LET US KNOW WHEN YOU GO BULLISH
Reply
eur\usd LONG. M.abcd pattern
Reply
EverythingForex PRO ArkadiiParavozoff
a year ago
Would appreciate some comment along with your chart instead of just spamming my post with a link to your post!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out