EU downturn Scenario via EW and Fibs
Updated
EUR/USD finished a well defined 12345 impulse.
Looks to be topping in Wyckoff Distribution style.
Should result in a markdown, perhaps to 1.18 by end of May
Looks to be topping in Wyckoff Distribution style.
Should result in a markdown, perhaps to 1.18 by end of May
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Some fine tuning of the EW and Fibs. If correct, should resume downward trajectory very soon.
If not correct, may have to rethink a larger part of the structure.
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EU proceeding per plan mostly.Current price of 1.22 will offer some support, being a local double bottom.
If we can break below (perhaps late in week) then it opens up for continuation.
While pondering the fibs and EW waves, I found a good possibility for further drop.
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Updated fibs and mid-term target. Thanks to the ECB doves for giving my trade an extra push.
We might not even see the wave 4 bounce below, but if it happens, I might add more on the to retrace.
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Still on track long term.Looks close to a temporary bottom.
If 1.2000 does not spring price back up, then expect a little more of a dip then a relief bounce.
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Forgot to add the Monthly S1 pivot also lurking at target.I think it will have enough gravity to pull EU down that last little leg.
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1.9500 still looks like a nice target, but surely will bounce a bit there?Strong support likely (for now) from the Monthly S1 and Weekly S2 range)
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Am in this short heavy.Currently hoping for a bounce this week to short more!
I will watch 1.2000 but I think it will break it for a stop run, then down.
The zone I am watching:
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.Give the amount of gravity working on this chart, I am thinking 1.800 might be next possible support zone that might offer a little bounce
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In the bigger picture, I have eliminated the ''less bearish'' count, leaving the one in dark red below, shooting for 1.120 - 1.125 rangeNote
For anyone still following this idea, please see my updated idea here:
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