Sorry everyone if I've been confusing you with all my competing counts. I'm merely giving you some of the possibilities it's up to you to decide which one you think is correct. Thanks to Dave for reminding me about my chart from the last week which gives this count. As you can see the EUR/USD may be completing a B wave down with a C leg still to come. 5 waves down for C of B looks complete or almost complete. If you're bullish on the pair keep your stops at 1.4265.
Good perspective. The rise up from overnight lows is not impulsive in nature yet, with overlapping waves. This keeps me sticking with the bearish option of the current rise from 1.433 lows as a wave 4 correction against the entire fall from 1.457... implying a wave 5 move to new short term lows directly ahead.
ReplyDeleteThe bullish scenario may have legs though. The recent low has created a possibility of a bullish parallel trend channel on the 3 hour charts. 2 hits on the top, and now a second hit on the bottom. 3 hits makes a channel line, so I am not quite convinced yet... simply remaining cautious either way.
Thanks Protechtor, your input is always insightful. The Euro has been looking weak compared to the other majors. Another small drop to the 1.432 area may be coming, however a push above 1.4447/1.4475 will negate this, depending on which count your go by.
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