traderWgun
Short

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.

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Good luck!
Trade active
Thank you, traderWgun.
Great analysis.
Completely agree with your longer-term outlook.
+1 Reply
traderWgun Mizuki32
:)
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1D count. Wave 3 reached the 300% extension and wave 5 reached the 2.618% extension.
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