Hi Folks, it’s been a long while since I put up any forecast. Here’s a quick and dirty on my thoughts on the EURUSD.
On the 8h Chart, I’m counting a Wave C of Y of (B). Prices have returned to below 38.2% of its upward move, and Wave (B) looks like a complex correction. Prices are overlapping enough for me to believe that it is a corrective move, and strength of downward movements appear rather strong, so I will be cautious in entering long. But I do think that prices might be stalling soon. Here’s why:
Around 1.2900 region we have:
(a) Wave Y = Wave W
(b) Wave c = Wave a
(c) Round Figure of 1.2900
Let’s look at my wave C at a lower timeframe.
It seems that momentum has been slowing down and is getting more difficult to count which is fairly characteristic of wave 4. I think it will move up a little before breaking 1.2900. I would look for reversals around 1.2864-1.2875.
It is possible for prices to move up from here since the higher timeframe suggests that 1.2900 is a confluence of levels, but I think it will move lower before the move down is complete.
Here you go, be cautious with your trading, and remember, capital preservation is key!
