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Complexcorrection

EURUSD Pivots Near 1.1330 Wave Confluence This pop higher on the Fed minutes may be enough to put the finishing touches on a minor corrective wave higher. There is a confluence of wave relationships near 1.1308-1.1340. 61.8% of the Sept 18-22 down trend = 1.1323 (c) = (a) = 1.1317 Blue corrective channel trend line = 1.1340 Wave y = .618 * w = 1.1308 Therefore, we are anticipating another down leg of similar proportion (or greater) than the Sept 18-22 move (350 pips). That would place an initial zone near 1.1000...a nice round number. Sentiment is -1.45 and hasn't moved much over the past few days. It's not a real extreme figure. If prices do bound higher out of this price zone, the next level of resistance is 1.1380-90. Happy Trading!
Short
by JWagnerFXTrader
8
Placing the finishing touches on a bounce - 1.15 key levelThe sell off from this morning has popped outside of the purple channel. Therefore, it appears to be a smaller degree wave 'x' and we are working on a wave 'y' higher. Based on wave relationships, this places a potential reaction zone in the 1.14-1.15 area. This runs a similar pattern to the GBPUSD we wrote about last week. Traders can place their risk above the Aug 24 high while targeting new lows below 1.08. There is an alternate view that suggests we are in a larger degree (X) wave that likely digs deeper. A move above 1.15 will enhance this count. Sentiment is running with net sellers going into the FOMC meeting tomorrow. Be mindful of your trade size as volatility is likely to pick up. Good luck!
by JWagnerFXTrader
33
GBPUSD Alternate Bullish View to 1.6000Please read this post while also reviewing the intraday GBPUSD posted earlier today. This post on the Daily Chart shows an alternate bullish view. My preference is the 3rd wave bearish view listed on the 180 min chart, but we need to keep this one in mind as well. A meaningful push above 1.5650 will elevate this count on route to a 1.6000 retest. I have noted at the top a sequence of 3's and 5's. I can count out a 5 wave down from June 18 to July 8, but it is not the cleanest of moves. It could also be considered a three. Therefore, we have to consider alternate counts if the move in question is a 3. I have found it helpful to label out the sequence above the chart, then like a masterpiece jigsaw puzzle, begin to work the combinations.
by JWagnerFXTrader
5