dan577

dan577

Hello, friends! I've noticed two expanding diagonals within the recent EURUSD correction wave. What direction do you believe we're headed in?

dan577

Hello, traders! As indicated, we are currently approaching both the midline of the channel and the 1.61% retracement level of the ab segment. Consequently, we anticipate an upward move from this point towards the nearest possible TP level indicated by the box. Subsequently, we may either continue higher to extend the main impulse wave or move downward to complete wave C.

dan577

A distinct WXY pattern (or possibly WXYXZ) appears to be forming. The B wave is anticipated to end at the level indicated by the red box on the chart. It is unlikely that the correction will extend below the dotted line. This assessment takes into account the current market conditions, which exhibit a bluish trend resembling an A-B-C pattern.

dan577

We are observing intricate and elongated corrections within this 5-wave impulse. I have excluded visually complex corrections on the left side in a schematic diagram. As you can observe, the ultimate correction (wave C) is anticipated to conclude at the red box.

dan577

We may either see wave C soon or after waves "d" and "e" are complete. I expect a newsflash indicating a weakening USD to pop out from somewhere!

dan577

Based on the clear divergence in RSI and the wave pattern analysis, a head and shoulder pattern is forming. The first TP will be around 0.00003.

dan577

We have started wave C! A simple zigzag is forming and the C wave is expected to reach 100% extension of the wave A.

dan577

Possible direction of the pair using Elliott Wave Analysis in mid-term.

dan577

The A wave has already completed its movement; now we are waiting to see the B wave.

dan577

No description, just look at the chart and decide!

dan577

On the basis of my wave analysis on this pair, an expanding ending diagonal is almost shaped. The potential targets for the end of wave C are shown in the box.