from the other side we can clearly see 3-3-5 pattern which implies that overall this can be a motive with full correction. all tho it looks like running flat with that last wave coming in to 5 waves it have the possibility to drop further down for a expanded flat to that cypher pattern. so whether gonna go up corrective for triangles or as motive or even drop...
we r standing on support and that last part looks corrective, so bounce is expected.
look at the structure in the ellipse.... what do u see? if ur seeing nothing than u havent stared in charts enough look in weekly structure and see the similarity and think of where we r now at it.
from the chart in the comments can be seen that weekly pattern is completed! now we are ending the last part of it. now in this chart taking in consideration last bigger correction from february till may cant be alone, and this instead of forming h&s formation looks like its deepening the correction and it might looks like this... that big blue rectangle is...
aand if the price follows this prediction analysis and at given time of the unemployment news if we r in starting of last E part of this downside, it means we will have sharp downside and fast returning up with big wick cose of all the orders down there at the gap closing.... so as per all the structure this looks very probable outcome.
at the bottom chart ull see following gbpusd since the top, and predicting the structures aint easy all tho most of the charts came up very true. so here im with reviewed technical about gbpusd, since this last structure looked very familiar if u scroll a bit back in 4H ull see same structure from lows. considering it will be a diagonal we have some further down...
everything gets the meaning when is drawn. can u see that red B wave and look how complex corrections can become. on the next wave down that big diagonal is the third wave and now its making 4th wave. due to the shortness of the 2nd, 4th will be longer speaking of time. (from my observing 2nd and 4th are equal or inversely proportional) so the drawn form of 4th...
heres the diagonal on daily, and that massive divergence with white line down in RSI can be clearly visible on weekly time frame. wave A is measured and presented in wave E possibly same length but the structure is different.
this whole structure is last wave from big diagonal presented in chart in comments section, now what we see here is abc structure with a=c with contracted flat in the middle. wave c is copied from wave a which doesnt necessarily need to look like it... it depends of the news and data what deviation it will make. so im expecting some correction and another wave...
it seems its all structure is a correction, nad now following last part looks like as presented diagonal on a chart. it doesnt necessarily needs to end like that but if its a similar pattern of a diagonal it means we r going up. and from where and where will this ends we will see along the way.
as per last chart my expectations r that the correction will be more complex and long cose of that bigger drop that was before. First as downside opinion is that the up move what we r not seeing in this chart that was before this whats on this chart, is complete structure and can be counted as complete wave in bigger time frame and more down may be possible. But...
we might have not seen the bottom of this correction yet. after yesterdays good usd data upper resistance bounced the price stongly to the down side, so is this gonna be the beginning of that bigger drop as per other charts or its just a last wave of a corrective diagonal for upside we will see. but for now check in comments for set up, and other way view.
in previous analysis this correction was expected and now its revealing bit by bit and taking most common corrective pattern 3-5-3 prediction would be like this.
i think we will see bigger drop on oil but for now i see that move down may be finished and going back up to form a gartley.
not much to say more here, just check the charts on comments...
ill try to explain something that disturbs me with previous bull view on eu in comments so now ill present bear option. that last drop down is too small to be alone here, so taking whole structure as an example, that A move down has the same length of the first wave as we have now in the wave E. so as shown in smaller time frame chart we may get waited move to the...
overall movement is for upside as we r seeing more weakness on dollar index, so the sub waves of the correction r marked. those red abc in the last wave looks very similar, so it may go some more up to that yellow line and find resistance there. but if this dont drop and if it brakes that green line that would be invalidation of this counts.