Hi Traders,
The chart above reveals the entire price action of EU from its March 2020 low. The advance is taking the shape of a textbook Elliot Wave five-wave impulse pattern. Wave (ii) unfolded as a zigzag, wave (iii) is the longest wave, and wave (iv) unfolded as a double zigzag.
The price action seems to be in wave v, which will end the five-wave structure of wave (v) in black. The wave v is expected to trade above wave iii high and probably reversed within the blue zone.
No Trend Last Forever
According to Elliot Wave theory, at least a three-wave correction in the opposite direction follows every impulse move. If this count is correct and once the wave v rally is completed, a strong decline that would drag the price of EURUSD to as low as 1.16004 "previous wave (iv)" low is highly probable.
Trade Idea
What's your view on EURUSD? Let me know in the comment.
Good luck on the chart.
Thanks,
Veejahbee.
The chart above reveals the entire price action of EU from its March 2020 low. The advance is taking the shape of a textbook Elliot Wave five-wave impulse pattern. Wave (ii) unfolded as a zigzag, wave (iii) is the longest wave, and wave (iv) unfolded as a double zigzag.
The price action seems to be in wave v, which will end the five-wave structure of wave (v) in black. The wave v is expected to trade above wave iii high and probably reversed within the blue zone.
No Trend Last Forever
According to Elliot Wave theory, at least a three-wave correction in the opposite direction follows every impulse move. If this count is correct and once the wave v rally is completed, a strong decline that would drag the price of EURUSD to as low as 1.16004 "previous wave (iv)" low is highly probable.
Trade Idea
- Look for buy opportunities as long as the price stays above the red level "1.20528" and target above wave iii high is probable.
- If the price breaches the red level without taking the previous, then the entire rally will consider completed and the three-wave correction would consider being started.
- The breach of the trend channel will be the last defense line for the bulls.
What's your view on EURUSD? Let me know in the comment.
Good luck on the chart.
Thanks,
Veejahbee.