Tracking the Hourly Correction for Reversal Signs

FX_IDC:EURUSD   Euro / U.S. Dollar
Yesterdays Trade idea presented a buy in EURUSD             against a falling trendline which eventually broke.
The Wave structure on larger TF's (4H & Daily) still points to bullish , and thus looking to buy on this dip.

The structure based on the hourly wave count shows that cycle is quite mature and potentially in it's ending stage.

A conservative view here would be to wait for a break out to confirm trend change and look for long entries against a pull back.
I have posted an update with a minor alteration on the count in the second leg

my old chart on the triangle..seems like gonna test back the triangle apex
It still hasn't confirmed the intermediate cycle is completed by breaking the channel. Let's see which breaks first, the channel or lows.
There is also the view that the intermediate cycle completes, retraces, and we have another cycle lower towards the targets you are looking at. Just based on the weekly candle.
+1 Reply
nezyrinfx JigneshDavda
yep..im looking a slightly bull momentum next week opening...but not very far...then contnue down towards 1.09x
That makes a lot of sense
going back down now as we speak
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