I can recognise a full wave going to the upside forming the first leg of a potential ABC pattern and a correction (abc) going against it after that.
so now I am expecting another impulse wave going to the upside having with that a wave 4 completed.
Here you have a Long term prediction and technical analysis for the EUR/USD pair.
I am a very fan of Elliot waves and here I can recognize a full wave formed so I believe is time for a correction to the price which gonna go to the 38% level of the Fibonacci tool.
Long move to the downside. Prince currently moving in sidewise what makes me think the price is gonna change his direction to make a correction and then continue to the downside.
After this trade, I will take a short position!
On the 4H chart, we can see a small trend to the downside that has been broken and a reversal pattern making me take the chance for a long position with a target of 115 pips.
As well, the price is in a support level that was a resistance in the past what support my belief on my prediction.
Expecting now a correction of the price. I am looking for long in this pair... but I am a scalper... I want the cash now!! so I believe the pice is gonna retrace and then continue to the upside.
I always say I love Eliott waves but I have to say that I love short positions too!!
From my perspective, I think a full impulse wave been completed and now I am expecting a correction of the price where my take profit will be at the 0.618 Fibonacci level.