EURGBP Elliott Wave
Updated
hello friends
In the EURGBP currency pair, we see the formation of a pattern that is very similar to the 5-wave impulse waves.
Its waves 1 to 3 have been completed and currently its 4th wave is being completed, which is a zigzag, and its C wave is being completed.
Usually wave C has a ratio of 100 or 161.8 fib with wave A.
Therefore, we expect the price to decrease to the 161.8 Fibo ratio, which also meets a support.
The range of 0.8490 and 0.8440 is considered suitable for entering the trade buy.
But the price should not enter wave 1, if this happens, our theory is invalid.
Therefore, I personally prefer to enter the trade at 161.8 Fibo.
To support me, I recommend you install Trading View software on your phone and see my analysis and support me with your comments and Boost.
Be successful and profitable.
In the EURGBP currency pair, we see the formation of a pattern that is very similar to the 5-wave impulse waves.
Its waves 1 to 3 have been completed and currently its 4th wave is being completed, which is a zigzag, and its C wave is being completed.
Usually wave C has a ratio of 100 or 161.8 fib with wave A.
Therefore, we expect the price to decrease to the 161.8 Fibo ratio, which also meets a support.
The range of 0.8490 and 0.8440 is considered suitable for entering the trade buy.
But the price should not enter wave 1, if this happens, our theory is invalid.
Therefore, I personally prefer to enter the trade at 161.8 Fibo.
To support me, I recommend you install Trading View software on your phone and see my analysis and support me with your comments and Boost.
Be successful and profitable.
Trade closed: target reached
Considering that the target is very close, I preferred to close the trade and enter the buy trade.
The reason can be the volume of transactions and a relatively long shadow near the target.
Be successful and profitable.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.