Xaff

EURUSD. Possible retracement to 1,05 due to a truncated fifth

FX:EURUSD   Euro Fx/U.S. Dollar
201 1 5
Hey traders!

The reasons that make me think this scenario can happen are:

1) The extension is produced on the 3rd wave so:
a) 3rd wave is 161,8% of Fibonacci Retracement of wave 1.
b) 5th wave is 38,2% of Fibonacci of the stretch from wave 1 to wave 3.

2) Possible truncated fifth due to the 5th wave did not arrived to line 1 - 3.

** But wave 1 is not really small compared to wave 3, it does not shows a perfect theorical scenario with wave 3 extension.

In conclusion, with the 3rd wave extended and the truncated fifth a huge correction can happen and overcome the theorical zone of correction of this kind of scenario (correction finishes at zone of wave 4), and arrive to the zone of wave 2.

What do you think guys?
Any suggestion?

Thanks, and good trading to all!



AlexD_Trading
2 years ago
Nice work man! Clear analysis! Good luck!
+1 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 Account and Billing Sign Out