on a weekly perspective , yes we are bearish , however wave 3 has completed at about 61.8% retrace of up move at 1.3486.
Wave 4 on weekly completes 1.3900 to 1.4150. This is why my 1.4000 target. Then we find sellers there for move to 1.2500. (or at least test 1.2500) for a truncated wave 5
This wave 4 completion may take time as the prevailing trend is down and price is trying to swim against the current.
In addition to this there was my weekly analysis of the eu futures chart and vsa on weekend
I hope you can ll understand where I am coming from .
There are a million ways to skin a cat ... and of course my analysis may be 100% wrong , but these are my current thoughts
Wave 4 on weekly completes 1.3900 to 1.4150. This is why my 1.4000 target. Then we find sellers there for move to 1.2500. (or at least test 1.2500) for a truncated wave 5
This wave 4 completion may take time as the prevailing trend is down and price is trying to swim against the current.
In addition to this there was my weekly analysis of the eu futures chart and vsa on weekend
I hope you can ll understand where I am coming from .
There are a million ways to skin a cat ... and of course my analysis may be 100% wrong , but these are my current thoughts
Dislikedhere is why I am bullish to 1.3870 / 1.3900 and am buying dips. It is not due to news or fundies. It is due to pure TA.
We have a classic wave 4 set up on the 60 min , gapped Sunday ( calling it a gap as for sake of argument low liquidity lack of depth is gap)
Wave 4 complete to 1.3550 to 1.3500
Wave 5 ( if buyers are seen ) will move 1.3750 to 1.3870 using fib expansion.
EW is very subjective .... if you do not like term ew think of it is fib retracements and expansions.
There is method to the madness.
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