Dear traders, today was an average day with a modest 2% increase in equity. I was away from the system for a long time and the small updates i have been putting was from an android tablet. Since no analysis was possible from tabs, i am updating the charts now.
To put it frankly, i still feel Euro is bullish. The move down does not have an impulsive feel, still a correction, so i have modified my chart to the below (refer chart).
First target is 38.2 of waves 1 to 3 which results in 1.1464. (refer chart)
If you analyse the movement of this ongoing 5th wave ... wave 3 of 5 just ended at 161.8 and then there was a retracement for the 4 th wave to 61.8 ...actually 38.2 coz i did the fibs in reverse. Now the ongoing 5th wave can go to a 1st target of 1.1464 at least which is also 38.2 of the big move from wave 1 to 3.
There is also the potential to go to 61.8 which is 1.1538 as 5th waves generally end at 61.8 of the 1st 3 waves. I am putting a tp of 1.1464 as my 1st tp.
apparently on reuters benchmark, 1,1464 is no where near a reversal area, but 1.1521 is a 14.6 reversal area, so my 2nd tp is at 1.1521.
tomorrow being friday, this could be the last move higher for EU. Next week could start with a big reversal. I hope
To put it frankly, i still feel Euro is bullish. The move down does not have an impulsive feel, still a correction, so i have modified my chart to the below (refer chart).
First target is 38.2 of waves 1 to 3 which results in 1.1464. (refer chart)
If you analyse the movement of this ongoing 5th wave ... wave 3 of 5 just ended at 161.8 and then there was a retracement for the 4 th wave to 61.8 ...actually 38.2 coz i did the fibs in reverse. Now the ongoing 5th wave can go to a 1st target of 1.1464 at least which is also 38.2 of the big move from wave 1 to 3.
There is also the potential to go to 61.8 which is 1.1538 as 5th waves generally end at 61.8 of the 1st 3 waves. I am putting a tp of 1.1464 as my 1st tp.
apparently on reuters benchmark, 1,1464 is no where near a reversal area, but 1.1521 is a 14.6 reversal area, so my 2nd tp is at 1.1521.
tomorrow being friday, this could be the last move higher for EU. Next week could start with a big reversal. I hope
STING