EverythingForex

(O) FULL ANALYSIS: EURUSD: Getting Set For Yet ANOTHER Big Move!

FX:EURUSD   Euro Fx/U.S. Dollar
1846 7 29
So if you have been following my posts, then you no doubt have already seen my recent MONTHLY post. If you are following my post on EURUSD             , then this is the post on the OVERALL WAVE COUNT projections.

If I my memory serves me well, I posted about 4 months ago that this pair was due for a nice LARGE move up in a corrective ABC Zigzag pattern. we could be on the precipice of that move up. But first, we have to get through another move down before we get to that juicy wave (3) up!

WAVE COUNT
After that stunningly explosive move up in what I have labeled the wave (1) of the coming 5-wave wave (c), we are now in a wave (2) retrace of that wave (1). This wave (2) is at the moment unpredictable in where it will end. There is a MAJOR SR Structure just below but it is more than likely going to go lower into the G-Zone levels between .618 - .886 before reversing and heading up in the wave (3) of the wave (c) that I've been waiting on for MONTHS now!

PATTERNS
Several patterns have been and are in play now. Before that explosive move up, 2 patterns signaled for that move. A COMPLETED Ending Diagonal led to that big move up and then that filled and completed a cypher . Prices proceeded higher into the cypher's PRZ and have now begun to drop back down. It should soon reach the TP1 of that cypher . There is a completed H&S pattern that is signalling the move down as well. There is now also a POTENTIAL Bat that is in play. Completion of that Bat should signal the end of the wave (2) and start the wave (3) up.

Click on each chart below for more analysis

MONTHLY Chart
MONTHLY CHART: EURUSD: Still Headed South!
WEEKLY Chart
WEEKLY Chart: EURUSD: Overall Wave Count Scenario
DAILY Chart
DAILY Chart: EURUSD: Overall Wave Count


MY TRADE PLAN
I'm already in a SHORT trade on this pair for that wave (2) down. I'll be looking to get out of that SHORT position before the Bat gets filled as there is no guarantee that it will get filled before the wave (2) ends and the wave (3) begins. And I am waiting with anticipation for it!

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*DISCLAIMER:
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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fxmillions
11 months ago
Thanks for yet another fully detailed analysis.
Here's my count of the correction. With regard to the count of higher degrees, nice to know that I am in the same page with you.
EURUSD - Possible triangle completion with a Bat confirmation.
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EverythingForex PRO fxmillions
11 months ago
Nice chart. Although I disagree with the way you counted the contracting triangle. I see that triangle as a barrier type triangle as well which suggests a break to the bottom and more downside. But can never tell for sure what will happen. Which is why I have my TP1 on my SHORT trade sitting near that lower TL of your triangle which is a MAJOR SR Structure Zone for me.
snapshot
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fxmillions EverythingForex
11 months ago
Yes. Its the problem with counting triangles. Given that I counted the big impulsive up move as wave 1, I had to count the following retracement as wave A of the triangle. There was no other way except include it within wave A as you did on this chart. Reading all Elliott waves materials, I gathered that wave A should be a motive in the opposite direction.
None the less, price action at the support level should give us a clear count.
I totally agree that we have to wait for the market to reveal where it wants to take the price. Thanks for the tips.
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KayJay
11 months ago
Great analysis
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EverythingForex PRO KayJay
11 months ago
thanks!
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mehmete53307683
11 months ago
you are great !!
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EverythingForex PRO mehmete53307683
11 months ago
not so fast! Let's wait until this thing plays out before handing out such praise! But thanks.
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