My last idea suggested that a reversal maybe on the cards
But the decline from the 1.3960 high was very corrective in nature
and now it looks like we should see another move towards
the 1.40-1.44 area before a reversal.
At the time being I will look to buy dips in this pair
as we stay above 1.3660:s.
Look below for more charts.
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Daily Elliott Wave Count
The simetry in the elliott wave analysis is not a rule but an important guide to reduce de guess work to determine if a wave structure had been completed or not.
In this case, as we expected a clear retrace had been done since the end of the impulsive pattern for wave 3) with a nice fibonacci's level of 38.2 (the most common level of...
After forming a double top base around $45, a A-B-C Elliott wave retracement has been in an expanding range. Ultimately the bearish price divergence indicate the swing downtrend is continuing. If that occurs, the next target, and likely forecast resistance area, is between $43 and $42 (0.5-0.61 fibonacci) in 30 days - Gann time
