If this interpretation of Elliot wave is correct, a terminal pattern is finished and the forecast is a retracement until 1.6277 (50% wave V) as fist target, and a second target at 1.5889 for a total retracement
There is a confluence of waves of different degree at this time.
All indications are that there will be a correction next week toward B that can reach up to wave-5 in 1180.
It may be the beginning of a new wave of higher grade (I)
If the count exceeds 1180 will be invalid
When finished wave B, we must find signs pointing his final&start wave C
and it's time to...
when zigzag a-b-c correction for wave III (descomposed in 5 waves) were completed around 168 forming wave 4, next step will be wave 5 formation, continuing bullish trend
more info spanish blog: piensaenforex.blogspot.com.es
There is a confluence of fibo levels at 780 acting as support. The volume is stronger when bearish, according the end of BTC mania. A close below this level can trigger a lot of SL and sell limit.
piensaenforex.blogspot.com.es spanish forex blog
wave 2 finished a 50 % wave 1
wave 3 finished at 2.618 retracement
wave 4 is a contractive and complex wedge a-b-c-x-a-b-c double zigzag, actually named WXY
wave 4 must not overlap wave 1 or the count is invalid. SL if buy below 0.8175
wave 5 will be around wave 1 long 296 pips. TP if buy after wave 4 finish (soon): 0.8200+.0296: 0.8500
wave 5 fail overcome wave...