__SpecialFX__

4H Wave count showing one more leg up

FX:EURUSD   Euro Fx/U.S. Dollar
EURUSD             has been in an uptrend for the last week correcting against a larger downtrend.

The 4H wave count shows there is still one more leg to the upside to complete before the larger downtrend once again resumes.

Fundamentals ( Todays             FOMC meeting) can drive price lower towards 1.0971 the 76.4% Fib, before turning higher.

Targets for wave completion fall at 1.1167 with a likely overshoot, That area marks the 76.4% Fib of the wave of a larger degree
Looks like the spike took out the X lows, which invalidates the count.
At this point the view would be that the entire structure is a completed wave. A double correction is still possible from current levels 1.0920-1.0935. But not as good of a setup as playing the C wave in Y
+1 Reply
nezyrinfx __SpecialFX__
it is complete now for the bullish bat. will need to see reversal from this area onwards.
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nezyrinfx __SpecialFX__
i took long at 1.0930. target 1.1050 only. will see how it moves after.
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it completed the wave but it did not pickup my entry at 1.09624. :(
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I'm showing one leg down completed as well. Can still do a double, but doubtful. I'll wait a bit and enter at London open.. Momentum down is quite strong still.
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nezyrinfx __SpecialFX__
looks like one leg down towards 61.8% of that upside move. 1.092x.. the golden ratio..
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There is still the 88.6% Fib right here at 1.0950 -
Waiting for some kind of reversal sign to see if it's going to hold before invalidating the count
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we have the same setup
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Are you looking at a harmonic setup? Noticed you have some harmonic charts up
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nezyrinfx __SpecialFX__
yep i am! but i seldom update.
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