I think the low has been set now and the waves down have shown enough structure to use this setup.
The last time this setup occured, there was a large move to the upside. Preparing for further short-term downside and then a bounce (maybe off of a fib number) to test previous highs.
I am monitoring a potential 5th wave up on GBPUSD to the optimal selling point.
I will be looking at long positions in favour of the dollar a few points below the green ray which is the Bearish Wolfe Wave target.
Point 5 of the bearish pattern has occurred. Sell GBPCHF
Looks like EURUSD is on the hunt for the second lower high to complete trajectory for bullish Wolf Wave. Long till 1.182 then short to 1.156 area
Short EURUSD. Downward Channel Confirmed.
Oil is in a consolidation area and A reversal is highly probable looking at previous resistance in this area. Looking at shorts from 54-55 area.
Take profit time for a bit on EU as it has achieved the Wolfe wave target. Retrace back to basic MA I imagine.
I'm following this corrective triangle using Elliot Wave theory.
EU going for the last leg down IMO, before breaking channel on monthly TF. All that is needed to signal long positions is a 2nd lower low.
This Bullish Wolfe Wave has not yet violated structure. Entries for Dollar longs are almost optimal at this point.
Looking to go long when I see a reversal at the bottom of this channel.
Could go either way, but GBP finished strong on Friday, so will be looking for more evidence of a break upwards.
If Price keeps above the red dashed line, I'll be looking for long positions on pull backs!
If price closes below the dashed lines, ill be expecting it to hit the Wolfe Wave target eventually.
Bearish flag about to be over it seems.
Price manages to penetrate support and was rejected trying to pass back above.