The wave pattern may have traced out an ending diagonal since mid-May. This could be either part of a double zig-zag (red count) or just finishing minuette wave iii (black count).
We suspect to be near the most significant bounce in Q2/2018 if we are dealing here indeed with an ending diagonal. The pattern is dead if 1.1544 trades to the downside. We would expect way more extension to the downside if that level gets taken on increasing momentum.
Targeting into the 1.18 area
S/L at 1.1544
We suspect to be near the most significant bounce in Q2/2018 if we are dealing here indeed with an ending diagonal. The pattern is dead if 1.1544 trades to the downside. We would expect way more extension to the downside if that level gets taken on increasing momentum.
Targeting into the 1.18 area
S/L at 1.1544
Trade closed: target reached
EUR/USD does not wedge in the suspected form. We'll be patient until getting the next opportunity on the radar.-0.64%
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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.