For my previous post and context see below:
Due to the impulsive move lower I have adjusted my wave count of larger degree. I think there is a reasonable chance that the EURUSD is correcting in the shape of a triangle shown by means of the RED wave count. The other scenario is a more complex corrective combination shown by means of the BLUE wave count.
Therefore it is crucial to see what price action will be next. If we see a consolidation followed by a continuation lower the Triangle scenario is the most likely outcome (shown by means of the arrows). If however we see price reverse and start moving higher again in an impulse the corrective combination is the most likely, in that case I will wait for a bullish impulse first before considering a buy trade..
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Due to the impulsive move lower I have adjusted my wave count of larger degree. I think there is a reasonable chance that the EURUSD is correcting in the shape of a triangle shown by means of the RED wave count. The other scenario is a more complex corrective combination shown by means of the BLUE wave count.
Therefore it is crucial to see what price action will be next. If we see a consolidation followed by a continuation lower the Triangle scenario is the most likely outcome (shown by means of the arrows). If however we see price reverse and start moving higher again in an impulse the corrective combination is the most likely, in that case I will wait for a bullish impulse first before considering a buy trade..
www.timstuyts.com
facebook/timstuyts/
Comment:
A reversal is what we likely see soon. This will show us what scenario is next as described above in terms of daily consolidation.
Comment:
The reversal and bullish move will show us what corrective structure we are in.
