EUR/USD seems to be in a corrective wave pattern in 2016. I am expecting a combination of corrections, where a zig-zag 5-3-5 with two truncated 5s in the impulsive patterns, seems to already have formed. We now further seem to be in a X correction down, consisting of 3 waves.
After a five wave impulsive structure, we're seem to be break out in an corrective pattern, forming a wedge shaped A wave.
Leading Wedges like the structure currently forming can only appear in the 1st wave or the A wave, supporting the idea (Elliott wave theory).
Wave 5 seems to take the firm of a wedge which is not that unusual. But trade carefully this autumn as a corrective ABC pattern will come after the 5th wave if this pattern proves viable. It should break the weekly trendline, and wave 4's zone at around 1800-2100 would serve as the first target for the ...
This in regard to a possible C corrective wave forming after breaking an upward 5 wave impulse pattern. The ABC corrective pattern seems so far to form as a typical 5-3-5 zig-zag pattern.
Thanks for your support, and feel free to leave your opinions:)
Recent correction migh soon be over as there is strong resistance around current price level which is 0.618 of prospected wave 1 on the chart. Expecting a new fifth impulsive wave to form and break out of the current ascensing triangle and head towards 2267 which is 1.618 of wave 3.
We seem to be in a ranged correction zone on the daily chart since Feb16. Nomatter how you count waves, we have an diagonal 5 wave upwards move that has been broken and made one correction (wave A), and I think we as long as the dotted upper blue line holds, we are in for a corrective wave C to unfold in a zig-zag ...
Gold is testing major resistance level at 1308. If it holds and keeps long term positive trend from Dec15 alive expect further move upwards withing the structure. If price moves out of this structure, look for correction, then further drop (pink arrows)
NFP tomorrow so volatility will be high, but looking at this structure it looks ready to drop, and follow negative trend which started early May16.
Looking at this chart, it feel almost certain that we can expect a downwards movement sooner or later, on par with fundamentals telling us that FEDs sooner or later ...