The fifth wave of the six month old Euro down-trend exhibits the rare pattern of a fifth-wave-diagonal-triangle. The theory book tells us that such patterns have unusually strong corrections following completion of the fifth wave.
Strictly speaking, the wave 4 reaching above wave 1 would either invalidate the wave count or signify bear exhaustion.
A point worth noticing is that the market closed at the 161.8% extension of the XA range from two posts ago, here denoted AB.
Strictly speaking, the wave 4 reaching above wave 1 would either invalidate the wave count or signify bear exhaustion.
A point worth noticing is that the market closed at the 161.8% extension of the XA range from two posts ago, here denoted AB.