EUR/USD Bearish scenarios (4H & 15m)
With the recent PA of EURUSD and checking with how much strength the price reacted to previous key levels, for me this is my confirmation that the bullish trend might continue on a larger time-frame (check the 4H chart and my previous Elliott Waves analysis)
On a smaller time-frame, which is the 15m, we might expect a correction already, but only if the price reacts to the key Fib levels that I have marked in the chart.
Those levels are important because that's how much the possible B-Wave can retrace, according to corrective structures. If it goes beyond those levels, I might have to re-do the count, which is something I'm used to as an Elliott Wave analyst. Nothing new for me.
But if I see certain reaction, which is what I would like to see (a rejection, that looks like a bearish engulfing pattern ideally) I would consider going short for a 4RR, to the lower levels on the Fib scale that's marked with grey colors.
Until that point, I will consider going long for a larger upside continuation.
Any suggestion, feel free to leave it here.
On a smaller time-frame, which is the 15m, we might expect a correction already, but only if the price reacts to the key Fib levels that I have marked in the chart.
Those levels are important because that's how much the possible B-Wave can retrace, according to corrective structures. If it goes beyond those levels, I might have to re-do the count, which is something I'm used to as an Elliott Wave analyst. Nothing new for me.
But if I see certain reaction, which is what I would like to see (a rejection, that looks like a bearish engulfing pattern ideally) I would consider going short for a 4RR, to the lower levels on the Fib scale that's marked with grey colors.
Until that point, I will consider going long for a larger upside continuation.
Any suggestion, feel free to leave it here.
Note
Also, one thing I will like to add is that there's also bearish RSI divergence, which usually happens between 3\5 OR A-B waves and are followed by a correction.
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