EURUSD has broke out from SHS pattern shown on the chart. Target for the breakout is around 1.125-1.127.
This level is significat for many reasons:
- harmonic butterfly completing
- weekly diamond pattern resistance
- and as mentioned above SHS pattern target
My view is, that the diamond will break up, but not just yet. After the above mentioned level there might be a consolidation for several weeks before we can long again.
This level is significat for many reasons:
- harmonic butterfly completing
- weekly diamond pattern resistance
- and as mentioned above SHS pattern target
My view is, that the diamond will break up, but not just yet. After the above mentioned level there might be a consolidation for several weeks before we can long again.
Note
Top of the diamond pattern reached yesterday. I have closed all my longs at 1.125. The elliot waves show that the upmove has finished.Now we can expect a consolidation to are 1.10-1.11, this is the area where i will rebuy.
Note
Wait to finish Wave 4 to long again. C wave about to start with a huge fall to around 1.08-1.12, this is the place where i would look for longs
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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.