EURUSD update - setting up for new lows

FX:EURUSD   Euro / U.S. Dollar
435 3 8
Hello. This is an update for my previous long term EURUSD             counts.

In my last post I predicted a bonce near the equal legs target from
the 2008 highs:

It seems like this downtrend is in wave five and a recovery should take place soon.
The big area of interest is 1.12-1.02

As anticipated, we got a bounce at the 1.05 level, but the correction seems to be
in a sideways fashion, most likely a triangel.
This correction have give indication that the sideways trading that occurred between
2010 and 2014 was a complex correction wave (X), and we probably should see
new lows in the 0.98-0.80 area to complete wave (Y).

Alternatively, we are in wave ( XX             ) that should give way to new lows in wave (Z).
Either way, we should see lows below the 1.0 mark.



Good luck!
Trade active
Thank you, traderWgun.
Great analysis.
Completely agree with your longer-term outlook.
+1 Reply
traderWgun Mizuki32

1D count. Wave 3 reached the 300% extension and wave 5 reached the 2.618% extension.
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