Short

$EUR vs $GBP 4H Chart.Hi-Prob. Reversal Near 0.89790 |#eur #gbp

Updated

Traders,

I'm publishing EURGBP 4H Chart even if you can find my view in a daily log scale in my published ideas, for a closer view and a better understanding of the structure and the targets.
Daily Chart

$EUR vs $GBP Daily Chart. Flat completed |#eur #gbp #forex #flat

Since 06.10.2016 the pair has started the correction developing a five-wave sequence, A-wave (circle) ending at 0.83046.
So far B-wave (circle) has possibly unfolded into an expanding flat developed into 3-3-5 internal structure [A]-[B]-[C]
1 - Wave-[A] developed into a ZigZag internal structure 5-3-5, ending at 0.88523.
2 - Wave-[B] developed into a more complex Zig-Zag with a deeper b-wave, ending at 0.82970, slightly breaking [A]-wave's origin (0.83046) for 7 pips. With that in mind and if the [C] wave was developing into a 5-wave sequence, we could expect a break of [A]-wave's end, extended up to 23.6%fib - 38.2%fib extension.
3 - Wave-[C] developing into a 5-wave motive structure, expecting internal (5)-wave to develop into an expanding ending diagonal, ending at 0.89790(+/-), where many Fibonacci measurements cooperate, pointing a High-Probability reversal target.

If price finally reverse, a big drop is expected, targeting 0,79550(+/-) with a 5-wave motive C-wave (circle), completing the correction with a Zig-Zag.

Trade with discipline.
Best

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Focusing on the 5-wave sequence

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Was dropped from 0.89790 s mentioned, but it was too corrective to hold out shorts.
Watch if price will break the previous high at 0.89950.
If not then possible leading diagonal

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Price broke previous high, leading diagonal invalid.
Stay out of this pair for now, till further confirmation

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Price has reached 38.2% ext of [A] wave as expected.
Looking for reversal from this point.

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Price finally reached the top and dropped.
Same plan as before. Even if expanding ending diagonal didn't work, that only change the type of corrective structure ABC (circle) will be.
Was looking for a Zig-Zag pattern whereas, now after breaking that top, I expect an expanding flat or a running flat to take place.
Watch structure for further confirmation
Last C (circle) wave should be a motive.
Find short opportunities after some correction.

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Making correction, watch for further drop, short opportunity.

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Looking to sell higher. 2nd corrective wave incomplete.

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Pirce retraced a lot.Still looking to sell higher.
If it breaks 0.87331, possible change of plans.

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Broke down, start selling whenever you find opportunity

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Price broke but never correct, instead pulled back.
Could we finally expect one more move up even for A(circle) top?

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Of course, that's just a scenario. I will look for buy if price break up.

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Correcting

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Price reached the red line and pulled back.
Possible start of the new upmove.

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Was looking for a possible break down as the price was unable to continue rising, although Price reached previous low and rejected it.
Not clear the downside yet
Keep monitoring

ChrisMark

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