See that black wave (C)? That is what should be happening now. Why is it so important to get that right? Aside from the part that this wave (C) will yield a lot of pips on its' own as it goes up, the finish of this wave (C) means the beginning of the wave 5 of the larger wave back down and THAT will mean A LOT OF PIPS! But let's deal with what is going on now first.
In this 4HR chart, we are looking only at the wave (C) subwaves and breaking them down for the trading opportunities. That large wave (1) up which I predicted to occur 2 months ago (see this post: "(T) EURUSD - Wave (C) Now? Predicted 5 Months Ago. Today...BAM!") set the stage for this wave (C). After that wave (1), prices consolidated for weeks in a wave (2) before fairly exploding upwards in what is currently wave 3. Within this wave 3, it seems prices have just completed the wave ( iii ) of 3 and is now in the wave (iv) of 3.
There is only 1 pattern of consequence here and that is the POTENTIAL Bat that would be better seen on the below.
WHAT TO EXPECT
Prices should be declining some more in a wave (iv) but not for much. Prices are already resting on a MAJOR TL with a B Point slightly below it. That should provide the support needed to end the wave (iv) and begin the wave (v) up to complete the wave 3.
MY TRADE PLAN
I'll wait until prices decline some more into more and watch for PA to announce that wave (iv) is done and that wave (v) is starting to BUY into the larger wave (C) up.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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