EURUSD. Possible structure change.
Updated
It looks like structure has changed as we have massive selloff.
Wave B often drops to 78.6% area. It coincides with the channel support.
In this case wave C = 1.618 of A would bring the pair to 1.1682 +/- the gap around 78.6% pullback.
Watch 1.1164 area for potential reversal.
Below 1.1220 - the previous 5-wave impulse count would be invalidated (
)
This is the alternative scenario.
Wave B often drops to 78.6% area. It coincides with the channel support.
In this case wave C = 1.618 of A would bring the pair to 1.1682 +/- the gap around 78.6% pullback.
Watch 1.1164 area for potential reversal.
Below 1.1220 - the previous 5-wave impulse count would be invalidated (
This is the alternative scenario.
Note
1H closer lookNote
1H updatewave 4 started earlier and looks finished - invalidation of wave c of B is above 1.12818
4 important levels to watch
1) 1.1218 = 0.618 of 1-3 of c of B = 0.618 of A = double support
2) 1.1195 = c=a of B
3) 1.1183 = 100% of 1-3 of c down
4) 1.1165 = 0.786 of A in B
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