Hope everyone is doing well with your trades. I’ve been away and had not been able to follow the markets closely for the past 4 days. And it’s interesting to see how prices have unfolded since my last post on EURUSD.
Prices have retraced nicely, and then spike up strongly. It has since slowly trailed downwards. Here’s a 4h Chart:
4h Chart
Let’s drill down.
1h Chart
15min Chart
I’m expecting a 5-wave move for wave C. So here are my expectations of the markets based on this wave count.
a) This decline will not go below 1.2516 (wave 1 high)
b) The current high of 1.2661 will be taken out before the low of 1.2435
c) Once prices turn, I’ll start looking for possible areas where wave 5 of this correction is ending. Currently, based on a Wave C = Wave A projection, that price level is around 1.2770.
I’ll be looking for the markets to tell me if I’m correct or not. Meanwhile, stay safe while trading!
