Correction Complete - Next Stop 1.1800!!

FX:EURUSD   Euro / U.S. Dollar
Tracking the larger wave structure on the 4H we are have completed the First leg up in wave C which is marked on the chart as Circle wave A

Looking for the correction to Circle Wave B to complete here, retesting the down trendline where buyers can appear to once again push the pair up in it's bullish cycle towards targets at the top of the channel in the 118 area
ermmm...still too soon for it? im still looking at bottom @ 1.10xx
That area makes sense, bottom of the channel and 76.4% Fib. I'm going with this slightly aggressive view, as I see the current move in the pair as a range breakout. We have been in a relatively tight range for quite a few months now. If the trendline breaks down and we get below 1.1261 - that would be the next area I would be looking at. Thanks, appreciate your view.
+1 Reply
good work, but i think the price is below the 50 Feb level of the up trend took place on 18 Aug up to 24 Aug. also price is showing a smooth down trend since then in which price corresponding to it greatly. i believe price may wanna test the 1.14 before going back down.
I was originally looking at the leg from Aug 18, But based on the sell off it looks like the entire leg which started on Jul 20 has completed and so I'm drawing Fibs from that level. 50% comes in at 1.1261 and so for this setup to work, any move down should be contained by that area. And yes, I agree the current downtrend does carry strong momentum. Normally I would not look for a reversal, but with the increased volatility as of late, I can see a sharp reversal.
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