DislikedPlease check the chart and comment.
Chart 1. (EU week)
wave 1 from a high of 1.49389 all the way to 1.3144 and then a retrace to a no nonsense straight forward 61.8 wave 2.
wave 3 ended exactly at 161.8 of wave 1 and now the beginning of 4th wave. My expectation is of a complex correction as wave 2 was quite straight forward so with the theory of alternation, this wave might test a lot of patience.
Chart 2 ( Eu 4th wave projection)
Fibs drawn from start of wave 3 to the end of wave 3 and a 38.2 retrace would give us a target of 1.2883...Ignored
A comment on your weekly chart. You have your wave 3 identified, however you only have one main pullback in that wave. If it is to be called a wave 3, then it is my understanding and training that its subwaves must also breakdown in an impulsive nature. I have attached my weekly EU chart w/counts...
In my labeling, I believe the structure is corrective, as the waves of the larger degree overlap. Therefore I have everything labeled both numerically and alphebetically.... ensuring that I remain cognizant of all possibilities...
It is my bias that price has put in an end of wave count to the downside... v/e? of 5/E? of 5/E? ...
I therefore anticipate at the very least an a-b-c pattern to the upside...
Your comments are welcome... And thanks again for the new EW thread - good stuff everyone!