iwavetrade
Long

Riding the waves

FX:EURUSD   Euro Fx/U.S. Dollar
88 0 1
My last prediction has the wave-c traveling a lot further south. Unfortunately, the wave-c failed to reach beyond the wave-a (expected an expanded flat) in the wave-X position.

This oscillation has created a range with lower highs and higher lows. This is typically indicative of a wedge/triangle pattern and has changed my bias for EURUSD             from reaching 1.2 price area to now turning and reaching 1.4 - 1.45.

At the moment, we'll have to wait for confirmation of the wedge by allowing wave-D to finish and watching the subsequent wave to move back towards the lower trend line . I have not determined the type of wedge this is besides that it is of the horizontal type. I doubt wave-c will be surpassed since the amount of time the wave itself took to not pass wave-a

In conclusion, it's unfortunate the fall didn't continue as expected and we were left with price basically going nowhere over the last few months; however, this leads to a much easier, identifiable analysis.

A break below wave-c would negate this pattern.




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