jdemunter

Eur/Usd : Bulls in charge

FX_IDC:EURUSD   EURO / US DOLLAR
Let me start by saying that i had a hard time counting these waves and confidence has been higher, but one thing is clear the bigger trend ( and count ) is up.
snapshot
Here is the update from the count from the last post. Very small corrective waves down and surprise after surprise to the upside. This count suggest that a small top is near. Where the trouble in counting comes, is that this should be the end of wave W, but the wave Y inside this wave W is very small in time compared to the wave W inside wave W. In price however W of W and Y of W are almost equal.
On the daily chart we can see price is at a zone of resistance where previous highs are found. Should this be broken with ease then beware of the power of the bulls as price will continue rocketing higher, at least until 1.1814 is reached.

My suggestion is to be very careful should you decide to dare and take a short or wait for a better entry for a long trade.
jdemunter
a year ago
snapshot

another option for wave W of (Y) is a triple three.
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