This is my Elliott wave idea about EURUSD on the daily chart.
I think that we are in sub wave 3 of wave (5) shown in the red line wave.
We just finished sub wave (i) of wave 3 shown in the blue line wave.
Now I think that we are in sub wave (ii) of wave 3.
If the assumption is correct,
The wave (ii) will 50.0-68.2% retrace of wave (i).
After the wave (ii) was retraced,
The wave (iii) will grow to the levels of 1.110-1.100.
In this scenario, critical stop loss level is 1.157.
I think that we are in sub wave 3 of wave (5) shown in the red line wave.
We just finished sub wave (i) of wave 3 shown in the blue line wave.
Now I think that we are in sub wave (ii) of wave 3.
If the assumption is correct,
The wave (ii) will 50.0-68.2% retrace of wave (i).
After the wave (ii) was retraced,
The wave (iii) will grow to the levels of 1.110-1.100.
In this scenario, critical stop loss level is 1.157.
Trade active
short entry @ 1.150
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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.