EURUSD found retracement in the daily supply zone after rising, but again broke above resistance. So, if the market rebounds near the 4-hour demand zone, it is on a 4-hour bullish wave, which could be a second bullish daily bullish pattern.
If so, there are two cases.
The first is to go to the vicinity of the weekly supply zone, and it becomes the weekly correction process of the daily bullish pattern. A large retracement from the weekly supply zone could result in a reversal of the trend.
The second is when the W-X-Y pattern is a weekly bullish pattern. After one more decline, there is a big rebound in the weekly demand zone and goes to the monthly supply zone. That is, it becomes the monthly correction process of the weekly bullish pattern.
In the end, after the correction process, the trend is the case where the down wave comes out again.
In the second case, it would be a case of a large downward wave from November to January of next year.
In terms of early wave, it will be wave 5 after wave 4 of the overall downtrend. After the beginning of next year, there will be a big rebound.
If so, there are two cases.
The first is to go to the vicinity of the weekly supply zone, and it becomes the weekly correction process of the daily bullish pattern. A large retracement from the weekly supply zone could result in a reversal of the trend.
The second is when the W-X-Y pattern is a weekly bullish pattern. After one more decline, there is a big rebound in the weekly demand zone and goes to the monthly supply zone. That is, it becomes the monthly correction process of the weekly bullish pattern.
In the end, after the correction process, the trend is the case where the down wave comes out again.
In the second case, it would be a case of a large downward wave from November to January of next year.
In terms of early wave, it will be wave 5 after wave 4 of the overall downtrend. After the beginning of next year, there will be a big rebound.
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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.