Eur/Usd : Still on track

FX:EURUSD   Euro Fx/U.S. Dollar
Not much is happening in this pair and it seems price will grind higher slowly to eventually reach 1.1768. As for the EW count there are several possibilities. The one presented is the double three (wxy) count. However, with all the internal wave structures being corrective waves on their own plus the range the pair has been in, a triangle cannot be excluded. Triangles are very tricky because they can transform into other corrective patterns. The possibilities i Always keep in mind in these situations : bullish or bearish triangles which can become bigger in time ( like a wave C becoming larger ), double threes or even ending diagonals. A good thing to do when not sure is to go to the bigger or smaller timeframes and focus on those until the count clears itself out. Here price has a double bottom now at 1.1121, interesting because this could be another triangle, hah. I will focus on the black trend line for clarity of the count and direction of price.
jdemunter MindTrader
Hi MindTrader,

Thank you for your reply! I must admit i'm no expert on bats, from an EW point of view this bat target (2) would have a double three from the top, where both legs be around 76.4% or 100% of the first leg. But triangle is still possible...

Best of luck!
MindTrader jdemunter
thanks brother really appreciated.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out