EURUSD ABC Retracement 1.13-1.19
Updated
Added the short term count for the pullback from 1.1610.
I think I small tick down to 1.1520-1.1525 to complete the minor A leg, rally up to 1.1570 then the c leg down to 1.1500.
That would complete wave2 and would look to turn higher and accelerate.
So at least early part of week will be quiet and stuck between 1.1500 and 1.1600.
Hope for a test of 1.1500 to go long but timing will be based more on intra-day moves than being able to pluck a figure out of the air on this chart
I think I small tick down to 1.1520-1.1525 to complete the minor A leg, rally up to 1.1570 then the c leg down to 1.1500.
That would complete wave2 and would look to turn higher and accelerate.
So at least early part of week will be quiet and stuck between 1.1500 and 1.1600.
Hope for a test of 1.1500 to go long but timing will be based more on intra-day moves than being able to pluck a figure out of the air on this chart
Note
Slightly stronger than expected, maybe this is more a flat correction but moving pretty much in line with expectations. Should be pulling back towards 1.1500, this is where we start to look for buying opportunities to get in for the start of a wave 3 rally to 1.1850Note
The weakness in the EURUSD was expected. I believe this is still part of wave 2 of the advance to 1.19xx.
This wave has been messy and can be counted a number of ways but the end result is the same.
We would expect the wave to end soon, it is possible to count it as complete already at 1.1547 but most probably there needs to be a further leg down to between 1.1535 and 1.1500.
Then expect the upwards move to resume.
Note
Although today drop was much deeper than expected it hasn't actually invalidated the count.However the count starts to look problematic, it requires a rally back over 1.1525 to keep it viable and of course no new lows below 1.1450.
If this doesn't happen fairly quickly the count is wrong.
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