EWChartist

Eur/Usd Major uptrend

Long
FX:EURUSD   Euro / U.S. Dollar
275 views
9
We see this as the start of a major uptrend

Comments

I also use EW for my count but I don't think the end of wave 5 where you have it unless it is a 5th wave failure. My count is that where you have end of wave 3 is a start of a triangle with the A, B, C complete and a wave c of D is just about to happen.

Additionally, I sub triangle formed at wave b of C so a flat wave 4 correction isn't possible and this is confirmed by wave C not making a new high. Next week will be interesting as I have USD to fall to around the 1.0700 mark.

Let me know your thoughts on my alternate count. Thanks

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EWChartist donaldsaw
The reason why we see it this way is because Major wave 3 was an extended wave so there could be a possibility that Major wave 1 would be approximately equal to wave 5. Again if you use Fibonacci ratios you would see this correction was a deep correction and that was our Wave 4. It is possible to have two waves being extended but this would be quite rare. We see such rare formation when we are trading stocks... It is also nice to note that all corrections end with a 5 wave count then the trend continues. On your Cchart the 5 wave count would end at your Major wave B
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EWChartist EWChartist
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S.Ateeq EWChartist
If you allow me, I like to share my opinion here, I believe EURUSD still has more room down which is based on alternative count, as well as, fundamentally EUR is expected to be under strong pressure this year.
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EWChartist S.Ateeq
Yeah we totally agree wit you. Will do a wave count over the weekend when the markets are closed to confirm that
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S.Ateeq EWChartist
Thnx, I am already short on ERUGBP, EURUSD, Awaiting AUDUSD to reach 0.78 levels, again good job.
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