EURUSD Wave 4, Expecting Wave 5
Updated
Presently, EUR/USD is in wave iv, and we are anticipating wave v.
The last price peak reached 161.8% of wave i (leading diagonal) as identified below.
Based on this, we assume that it is not C but wave iii and there is still one more upward wave before a correction occurs.
Over the past week, the price has retraced 36% of wave 3.
Some Elliott Wave traders believe that a 36% retracement is considered a shallow correction, thus indicating a strong possibility for the price to resume its upward trend immediately.
However, I put a greater trust in Fibonacci levels.
Therefore, I recommend waiting for the price to reach the 38.2% retracement level before deciding to enter a buy position.
This approach, grounded in Fibonacci analysis, provides a more reliable signal for minimizing risk and maximizing potential returns.
Note:
- I am not really know about the part I highlighted in blue.
- Be cautious if the price makes a false breakout (orange box)
Wave v would be one of this:
wave 5 is inverse 123.6 – 161.8% retracement of wave 4, or
wave 5 is equal to wave 1, or
third, wave 5 is 61.8% of wave 1-3
note: i updated the last sell signal last Thursday. close the trade
good luck
The last price peak reached 161.8% of wave i (leading diagonal) as identified below.
Based on this, we assume that it is not C but wave iii and there is still one more upward wave before a correction occurs.
Over the past week, the price has retraced 36% of wave 3.
Some Elliott Wave traders believe that a 36% retracement is considered a shallow correction, thus indicating a strong possibility for the price to resume its upward trend immediately.
However, I put a greater trust in Fibonacci levels.
Therefore, I recommend waiting for the price to reach the 38.2% retracement level before deciding to enter a buy position.
This approach, grounded in Fibonacci analysis, provides a more reliable signal for minimizing risk and maximizing potential returns.
Note:
- I am not really know about the part I highlighted in blue.
- Be cautious if the price makes a false breakout (orange box)
Wave v would be one of this:
wave 5 is inverse 123.6 – 161.8% retracement of wave 4, or
wave 5 is equal to wave 1, or
third, wave 5 is 61.8% of wave 1-3
note: i updated the last sell signal last Thursday. close the trade
good luck
Note
the price reach 38.2% correction of our assumed wave 3any h1 bullish confirmation will turn to buy signal.
it can be a bullish engulfing change of character, rising star, etc.
good luck
Note
i recommend you who follow the signal to close the trade....happy profit day
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