This will not be a FULL ANALYSIS as I did one just last weekend. You can go see that one for yourself if you wish to get the BIG picture: Just click on the picture below:
What you are seeing here in the main chart is the beginning of the wave c of (c) of the larger wave (B) down trend. There is a POTENTIAL here that could mark the end of the wave 1 of this decline. wave b that just finished was an expanding . When prices do break the lower TL of that expanding triangle, then the should complete. BTW , that (blue) that I posted about last week (see Related Ideas: "FULL ANALYSIS: EURUSD: Going UP 4 Now. Wave (B) Ending Soon"), it just missed getting filled by 1 lousy pip and getting me in on the very top of this down trend! Oh well, it happens! But it just goes to show you the accuracy and the power of wave analysis when combined with the PROPER use of advanced patterns! Got to within a single pip of predicting the turn! And I predicted it 5 days before it ever happened! Without even taking the FOMC into account!
DAILY CHART - Seeing The Forest Before The Trees
Click on the picture below to get the FULL descriptions for this .
4Hr CHART - Closeup On The Wave (c) of (B) Decline & Patterns
This chart shows the closeup of the focusing in on the current wave c of (c) of the larger wave (B). Following my wave labeling, if correct, then there MUST be a decline in a wave c of wave (c) and that is what I have occurring now. I have marked the internal subwaves of this wave (B) decline. The wave (B) should be unfolding in a ABC 5-3-5 with 5-wave wave a followed by a 3-wave wave b and now wave c should be unfolding in 5 waves. And this decline should complete EITHER at the or completion where there are strong fib level confluences.
MY TRADE PLAN
Personally, I can't see anyway that there is not still more downside to go here and this wave down is only just beginning. So I am already SHORT in this pair by way of my trade I posted last week (see Related Ideas: "FULL ANALYSIS: EURUSD: Going UP 4 Now. Wave (B) Ending Soon") in which I said that "when wave v completes, I will be looking to go SHORT and catch the wave (C) down." . In that post, I has posted a POTENTIAL pattern which almost completed but I was able to get in short a little later after seeing price action and knowing that that wave up was near its end so I got in short on it. And I am now riding that trade down.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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