EURGBP flirting with the 5th wave
Updated
The nature of the rally since March looks impulsive in nature, after clearing the final targets for wave 3 we now need to track a pullback 4th wave of an incomplete 5 wave sequence. If my thesis is correct, we have room to make new highs well into the 0.90+ bracket.
For the pullback 4th wave we should not retrace any further than 23.6% - 38.2% (0.88608 and 0.87901 respectively), we should not see a pullback further than here and bulls desperately need to avoid any contact with the highs in wave 1 at 0.87227.
Here I am expecting a continuation of the underlying move towards the topside which will mark new highs at least above 0.91. Well done those who have been riding from below, there is still opportunity to work longs and add exposure nearer towards 0.8861.
GL
For the pullback 4th wave we should not retrace any further than 23.6% - 38.2% (0.88608 and 0.87901 respectively), we should not see a pullback further than here and bulls desperately need to avoid any contact with the highs in wave 1 at 0.87227.
Here I am expecting a continuation of the underlying move towards the topside which will mark new highs at least above 0.91. Well done those who have been riding from below, there is still opportunity to work longs and add exposure nearer towards 0.8861.
GL
Trade closed: target reached
Profit taking time for all those who caught the final wave... well done bulls.
Related publications
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.