The screenshot in this post is painfully known by now but it is turning up again up again in this assessment of EUR/USD, this time with a closed W1 bar.
The pair reached 50% Fibo from its last impulse rally, just as I had thought it would in my last assessment>>> and began a rally which ended on the W1 time frame with a perfectly formed pin bar.
Considering these two circumstances we could confidently conclude that that the fourth wave of the correction is over and we could expect a rally for a fifth wave.
On the H1 time frame we can clearly discern five impulse waves and on the H4 and D1 time frames the pair has reached a strong resistance. I think that we can expect the beginning of the correction to the downside for the second subwave out of the fifth wave, which could reach 1.2240 or 1.2200, after which we could look for an entry for long positions.
Good post!
ReplyDeleteGood insight.
ReplyDeleteThank you for the detailed analysis.
ReplyDeleteVery well spotted!
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteGood post.
ReplyDeleteThe week start with a bullish gap.
ReplyDeleteI fully agree with your analysis.
ReplyDelete