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Wavecount

EURUSD: Looking For BIG Bearish Impulse HereHey traders! Price is nearing the potential end of its fourth wave before the final drop to wave-5. In addition to the Gartley pattern complete in this area, there will likely be an abundance of supply here as the zone is confluent with many levels of interest. A word of caution, however: This is not yet a sell trade! Just a potential setup if the bearish impulse presents itself. I expect some hard resistance at the 1.067 level. If price powers through the SL, it will be a sign of deeper bullish correction and a recount will be in order. Keep your eyes on this one - Happy Trading!
Short
by glennmercer
2
EURUSD UPDATE: Fourth Wave ContinuesHey traders! Hope all is well. Just dropping in for another quick update on EURUSD. Here is a link to my previous count: Wave-3-of-(5) has completed as predicted out of the symmetrical triangle and found support near long term lows as we would expect from the wave count. Now, I expect further sideways movement in this area with a possible break to the downside coming within the next week or so. When that impulse occurs, I want to sell toward the completion of the fifth wave. I've outlined a few possible scenarios. Good luck and Happy trading!
Short
by glennmercer
7
EURUSD Wave Count: More Downside After Triangle BreakoutHey traders! Hope everyone has been taking advantage of these trending markets over the past couple of weeks! I've been busy with some side trading projects and am back with an updated wave count on the EURO. We are witnessing sideways corrective structure in what could potentially be a fourth wave symmetrical triangle. The 1H trend is down but we also have heavy long-term support below price that could keep the pair bouncing sideways for a couple of weeks before a strong bearish breakout into wave-5. I want to start looking for short positions in the heavy resistance zone where the 200SMA is confluent with potential triangle barrier, TWO unhit pivots and the center of a descending parallel channel. Stay tuned for some updates as we see the tide roll. Happy trading!
Short
by glennmercer
4