EURUSD - Double Flat B Wave
Updated
This count has EURUSD currently completing a B wave that is a double flat of lower degree.
Expecting a minor bounce from the current area because this final C wave of wave Y should have 5 waves to be considered a flat. Guessing the pull back will stop somewhere in the 1.10365 area and then dump to finish the wave somewhere around 1.09905.
No trade for me yet - I plan to long the beginning of the blue wave C. Will be a great R:R if we see the buyers step in and prove this is the end of this move. Will also be watching indicators around there.
Appreciate any feedback you can give, and good luck in your trades!
Expecting a minor bounce from the current area because this final C wave of wave Y should have 5 waves to be considered a flat. Guessing the pull back will stop somewhere in the 1.10365 area and then dump to finish the wave somewhere around 1.09905.
No trade for me yet - I plan to long the beginning of the blue wave C. Will be a great R:R if we see the buyers step in and prove this is the end of this move. Will also be watching indicators around there.
Appreciate any feedback you can give, and good luck in your trades!
Note
Here is a LTF view, with an explanation of why I think this most recent move up (B) is corrective and was not the yet the beginning of a new impulse series.Note
Oops - In my pic above, I meant to say wave 2 (C) retraces too deep.
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