The pair appears to be carving out a textbook 5-wave Elliott structure. Here’s the breakdown:
- **Wave 1, 2, and 3** are in the books, and Wave 4 is now developing, testing the **38.2%-50% retracement zone** (highlighted in orange).
- **Wave 5 Target**: Eyeing **1.0100-1.0090** as the likely destination for the final push lower.
**Trade Plan:**
- Monitoring the sell zone at **1.0373-1.0466**, which aligns with the Wave 4 retracement.
- Any rejection here provides a short setup, with stops above **1.0466** and targets down to **1.0100**.
- R:R is solid, making this a high-probability play for the disciplined trader.
**Market Context:**
- Structural resistance and Fibonacci confluence strengthen the case for shorts.
- Patience is key—waiting for confirmation of Wave 4 completion before entry is paramount.
**Reminder:** This is an analytical outlook, not financial advice. Manage risk diligently.
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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.