paweld

Correction still forming

FX:EURUSD   Euro Fx/U.S. Dollar
310 3 0
The final end of the downward movement could reach the level of 38.2% or 50% growth impulse. These levels are almost perfectly coincide with strong resistance pricing. The first one can be achieved already at the beginning of next week.
DanV MOD
3 years ago
HI, I agree with the overall correction still in progress and will continue for another week or so. Specifically I think the move down from the recent high is an abc zigzag forming the 1st leg down. Partial retracement could take place from here to the upside with another leg lower to 1.33 -1.3250 before continuing to the upside to form intermediate top
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paweld
3 years ago
Nice. Agreed with your thinking, but I also expect deeper 5th wave in C. (like below) - 4th wave as irregular correction and then 5.
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DanV MOD
3 years ago
Whilst I accpt what you show could well play out. But I have checked correlation with DAX, DAX you will note has made 5 wave down, so abc correction to the upside will develop and then another leg lower also with minor 5 waves (or complex flat) to complete the correction, If the EURUSD follows similar action then the abc zigzag on my chart is larger wave a down with accompanied RSI divergence. So a bounce is expected and followed by another abc lower. Here is what I mean.
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