EUR/USD: Ending diagonal update, up for wave 5 or break now?
Update on my previous post.
I believe wave 4 could be over and we might be up for a wave 5 within this possible ending diagonal / rising wedge.
The current situation looks familiar in any case (allthough..., read further down...), see the red boxes...
I opened a long at 1.1234 in any case with tight SL below the trendline..., targets 1.1350 and 1.1380 and additionally 1.1450 or wherever PA may signal a possible reversal.
If we ever get that high and I see a sharp rally to the trendline or past it (a throwover above the upper trendline is not uncommon...) then I'll switch to short!
On the other hand: Compared to the previous 2 short-to-long reversals this one is certainly not as obvious since there is no sharp reversal pattern and the faster EMA's are starting to cross below the EMA 55 which was not the case on the previous 2 occasions...
Also: we already have triple top divergence and the bat only fell short 5 pips and these patterns are not exact science!
Therefor I'm careful and will watch this closely.
If we don't manage to get back above the EMA 55 and the wedge breaks to the downside then I will look for a short!
SO... BIAS NEUTRAL, NEED CONFIRMATION...!!
I believe wave 4 could be over and we might be up for a wave 5 within this possible ending diagonal / rising wedge.
The current situation looks familiar in any case (allthough..., read further down...), see the red boxes...
I opened a long at 1.1234 in any case with tight SL below the trendline..., targets 1.1350 and 1.1380 and additionally 1.1450 or wherever PA may signal a possible reversal.
If we ever get that high and I see a sharp rally to the trendline or past it (a throwover above the upper trendline is not uncommon...) then I'll switch to short!
On the other hand: Compared to the previous 2 short-to-long reversals this one is certainly not as obvious since there is no sharp reversal pattern and the faster EMA's are starting to cross below the EMA 55 which was not the case on the previous 2 occasions...
Also: we already have triple top divergence and the bat only fell short 5 pips and these patterns are not exact science!
Therefor I'm careful and will watch this closely.
If we don't manage to get back above the EMA 55 and the wedge breaks to the downside then I will look for a short!
SO... BIAS NEUTRAL, NEED CONFIRMATION...!!
We may have finished wave A but it's impossible to know for sure...
Depending on the type of correction and where a possible B wave might end we could get a good and fast C wave short opportunity. We'll have to wait and see what happens...