Week7: EURUSD will rise
I'm still bullish!
Last week we saw the anticipated pullback (see Week6) but closed above the previous high of wave (i) (in red).
It looks like we have a flat correction with the wave structure 3-3-5. On the left side you see a textbook example. Let's see if we can get a real life example in EURUSD.
The impulse wave (c) (in black) should carry prices to the area of the wave iv (of one lesser degree) and should end within the triangle. After that we should see a last impulse move down (5 waves) to complete the whole structure labeled as C (in black).
I also think that there is a possibility for a truncated wave 5 (in green) so that we reach maybe 1.02 and then see a strong move up.
See Week5 for a cluster support area:
I wish you the best for the week.
I'll keep you up-to-date with intraday charts. Stay tuned!
Last week we saw the anticipated pullback (see Week6) but closed above the previous high of wave (i) (in red).
It looks like we have a flat correction with the wave structure 3-3-5. On the left side you see a textbook example. Let's see if we can get a real life example in EURUSD.
The impulse wave (c) (in black) should carry prices to the area of the wave iv (of one lesser degree) and should end within the triangle. After that we should see a last impulse move down (5 waves) to complete the whole structure labeled as C (in black).
I also think that there is a possibility for a truncated wave 5 (in green) so that we reach maybe 1.02 and then see a strong move up.
See Week5 for a cluster support area:
I wish you the best for the week.
I'll keep you up-to-date with intraday charts. Stay tuned!
Related publications
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.