EURUSD 1.19 - 1.13 retracement

Updated

Todays drop although much deeper than expected does not invalidate the count, although TBH it looks problematic.

There appears to be 5 waves down from the recent high and makes wave 2 look like an irregular correction.

If that is correct the decline finished at 1.1451 today.

Any drop below that level will invalidate this count.

The market should rally back over 1.1525

Note

Today's low was inside last week low by about 1 pip and the rally has been quite strong and 'surprising' since then when it looked to be heading back to 1.13xx.

So the count is still valid, though we need to get clearly above 1.1530.

Whether you can live with a count that has a 100% retracement of the first wave is another matter. I haven't seen one before, so be sceptical until we are established back above 1.1500.

Note

Spectacular.
For this count to be valid that must have ended wave2 and we are starting wave3 the path to 1.1850.
Pullback is expected at the start of wave3 but really it should not be too much. Hopefully stays above 1.1500 but could break back into the 1.1490

Note

The current market action matches to the count as we are turning up in wave3.
I would not expect us to fall below 1.1500 again.
I think we are making a small series of 1-2 before a jump in 3 of 3.
1.1525 - 1.1530 should provide support and a place to buy

Note

Well another much deeper retracement than expected and surprisingly once again the bounce, so far, was another pip above the last time.

So the count again remains valid for at least little time longer and counts as another wave 1/2 as previously mentioned.

Nothing has really changed, until we break below 1.1436 the count will be valid, at least its a fairly binary decision.

Note

No longer a valid count

FXPorcoRosso

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