WAVE COUNT
Daily chart showing current wave count. I expect that this pair will have some more further declines before finally completing its wave c of (B). Within this wave c, which should be a 5-wave decline, prices appear to be in its' wave 3 down. Also within this wave c decline, there also appears to be a descending triangle formation. Although this descending triangle appears to be complete and currently prices are rising in response to it. But what we need to be aware of is that this 5-wave decline is not over so we should not expect that prices should continue higher for now. In fact, a failure for prices to continue higher after the triangle completed should lead to a dramatic fall coming.
PATTERN
There is a POTENTIAL Bat that was formed early on and is waiting to be filled. Prices are declining in its' CD leg and looks to complete the bat pattern. A completion of that bat pattern would place prices directly into the G-Zone's .886 retracement level of the wave (A).
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*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
Daily chart showing current wave count. I expect that this pair will have some more further declines before finally completing its wave c of (B). Within this wave c, which should be a 5-wave decline, prices appear to be in its' wave 3 down. Also within this wave c decline, there also appears to be a descending triangle formation. Although this descending triangle appears to be complete and currently prices are rising in response to it. But what we need to be aware of is that this 5-wave decline is not over so we should not expect that prices should continue higher for now. In fact, a failure for prices to continue higher after the triangle completed should lead to a dramatic fall coming.
PATTERN
There is a POTENTIAL Bat that was formed early on and is waiting to be filled. Prices are declining in its' CD leg and looks to complete the bat pattern. A completion of that bat pattern would place prices directly into the G-Zone's .886 retracement level of the wave (A).
Want more great analysis and pro trading tips like this? Join my faceboook group at www.facebookdotcom/efxselect today!
My members get complete REAL-TIME in-depth analysis, trades, alerts and signals on all pairs I cover as well as expert trading advice and tips. Would that help you? Go here now to signup or to get more info: www.efxselect.com
*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
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Mailing list: bit.ly/2iNieEY
Facebook Group: www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: www.efxselect.com