morning
As indicated at the beginning of the week EU has made a good clean 5 wave trend up from 1.266x to 1.312x and all the time it remains below the high my assumption is that it is correcting that move.
Taking the possible correction one stage at a time, I am looking at the last swing up from 1.288x - 1.312x first.
As you can see from my chart I have an initial target zone covering 3052 to 3024 and expect pullback towards 1.3100 from in that zone.
An overshoot would probably see a bounce off 1.300x.
You will note that it is possible that the turn has already started as the price has dipped into the zone already, but I think we will have more downside towards 41 & 32 first.
Once it completes a pull back without taking out 312x high then what is showing as the initial corrective move wA, wB will become the first part of the larger corrective move down and will be targeting 299x to 293x initially - better target info available after the pullback.
So I am trading shorts today but expect a pullback by 3024.
Currently still short from yesterday.
As indicated at the beginning of the week EU has made a good clean 5 wave trend up from 1.266x to 1.312x and all the time it remains below the high my assumption is that it is correcting that move.
Taking the possible correction one stage at a time, I am looking at the last swing up from 1.288x - 1.312x first.
As you can see from my chart I have an initial target zone covering 3052 to 3024 and expect pullback towards 1.3100 from in that zone.
An overshoot would probably see a bounce off 1.300x.
You will note that it is possible that the turn has already started as the price has dipped into the zone already, but I think we will have more downside towards 41 & 32 first.
Once it completes a pull back without taking out 312x high then what is showing as the initial corrective move wA, wB will become the first part of the larger corrective move down and will be targeting 299x to 293x initially - better target info available after the pullback.
So I am trading shorts today but expect a pullback by 3024.
Currently still short from yesterday.