KVE
Long

EUR/USD Update: Have we started wave 3 up...?

FX:EURUSD   Euro Fx/U.S. Dollar
328 3 12
And what an interesting move we had today!

Nice bounce from the AB=CD (see previous idea linked below), channel and 61.8 ret. >> we may have started wave 3...
>> ABC zigzag wave 2 to 61.8% is textbook...
Too obvious? Maybe..., we'll have to see... but with these signs it sure is worth considering!

As for the fundamentals: EU economic sentiment is still very low with no signs of improving anytime in the near future (years...), Draghi commiting to further QE measures 'as long as it takes'..., negative rates, debt buying, money printing galore...
Very negative indeed so ideal for the start of wave 3...?! Or maybe I'm just to positively negative on this one... (or is it negatively positive..., :-S confused now...) ;-) :-)

What now? Nobody knows!
My 'best guess' though is this...:
>>S/R zone re-test and/or move above today's high might give us confirmation and a good long opportunity, initial targets upper channel boundary and the end of the possible 1st wave at around 1.1050 (1.1080 was an important pivot point the previous months).

Beyond that the sky is the limit..., or at least could be... ;-)
And if I'm wrong...? I'll adapt!

NOTES:
- Technically the bat is not invalidated so I kept it on the chart, just in case...
- It is possible that we continue to trade sideways even if we surpass the 1.1050 level ((irregular) flat or complex correction forming?), allthough time-wise this is less likely...
- LAST BUT NOT LEAST: NO CERTAINTIES IN TRADING SO TRADE ONLY WHAT YOU SEE!!


Check out my other idea's and leave a note if you will, I appreciate all input and criticism, good or bad, supporting or opposing my idea's; as long as it's decent of course...
Comment: It seems that my wave 1 count vanished..., here's the corrected chart:
snapshot
Trade active: Long trade active from 1.0810, SL 1.0760, back at the trendline...
Trade closed: target reached: All targets reached and trade closed at 1.1375, short now!
Great analysis mate
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KVE PRO jackmyattFX
Thanks, still proving hard to break that channel...
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