EURUSD bigger picture update

For my previous post regarding the bigger picture see links below:

We see a triangle consolidation by means of a 3-3-3-3-3 structure. I'm therefore looking for 3 waves higher for wave E to complete wave 4 of larger degree.

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Kommentar:

Guy's I'm open for reactions and ideas but please read carefully and keep an open mind at all time. I share my view here in detail and for free. Not many analysts show so much detail as I do, those who know me for a longer period of time most likely understand what I'm looking for. So please have a look at previous post on how to interpreted structure or ask me but I won't respond anymore to those who say this can't happen or anything like that. This is not how the market works and is the most efficient way to loose your account. So please act in a professional matter or just move on. This is specifically for those who send me private messages that are kind of pathetic and not showing much knowledge of the market. Have a great weekend and good trading next week! Thanks for the support and hope you all find a way to use my analyses in your advantage.

Kommentar:

It was confusing to some traders what wave count to use so I will try to elaborate. We are in a 3-3-3-3-3 wave structure triangle on the daily time frame, that part is pretty clear. This is the highest probability wave count due to the inner structure and characteristics. Since we saw 3 waves lower from 1.162 I counted wave D to be in place. However these 3 waves lower can also be wave A of wave D (in blue). Nevertheless looking at short term structure we see more room to the upside after the impulse in the end of last week. So in both cases we will be looking for a consolidation in the beginning of the week and trade the continuation. There is no need to get lost in which of the two scenario's is correct because both scenario's exactly follow the rules and even if this structure completes most likely both scenario's are still valid. So keep an aye on the 1 hour time frame for a possible buy. To me 1.13 is the minimum target for whatever scenario we are in but keep in mind that price can easily move higher towards 1.15-1.16.

Below I post the original scenario as posted 20 days ago.

Kommentar:

Whether wave D is in place or in need of another leg lower isn't relevant for the short term. I like to see EURUSD a little higher to test 1.1263 before a reversal should start. Once we see the reversal (IF it happens) we can determine where we are in the daily consolidation. I'll be looking for divergence clues on lower time frames before shorting this instrument out of 1.1263 zone. If we reverse sooner I will let it settle, consolidate and sell the third leg lower.

Kommentar:

Guy's I missed the sell from the top, I had two zones the first one appears to be the high for EU but the second one was my favorite. Especially in a week with NFP. So I'm okay with missing the short trade because this is what I see as likely to be next. We either see my sell zone 1.126 get hit tomorrow, ideally by means of a spike. Or this impulse is the start of a new impulse of bigger degree. In that case we will see a correction soon as well and I will use that to trade out. No worries the market is great and nothing moves in a straight line.
Updates will follow