In my last chart I suggested that we were retracing the move of the March low to May high. I noted that we have potentially a leading diagonal of normal 5-3-5-3-5. The retracement was anticipated to be of the zigzag construction with low in the vicinity of 1.08 -1.07.
We have had very complex correction not the simple zigzag anticipated. This correction appear complete assuming we hold above 1.08350
Here are the technical summary:
1. Since May high, we have flat correction of 3-3-5 construction with wave (c) being ending diagonal.
2. We have retraced 61.8% Fib of the entire rise of the March low.
3. We have potential bullish RSI divergence.
4. In the proximity of the previous structure support.
5. If the Fin time symmetry holds then the anticipated wave (c) low due in this time window.
Invalidation level to note is 1.08350
If the above plays out then the upside is anticipated to be either large wave 3 or C. AB=CD would give us approx target of around 1.18 or higher. I will publish an updated chart as necessary with move detail in due course.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
We have had very complex correction not the simple zigzag anticipated. This correction appear complete assuming we hold above 1.08350
Here are the technical summary:
1. Since May high, we have flat correction of 3-3-5 construction with wave (c) being ending diagonal.
2. We have retraced 61.8% Fib of the entire rise of the March low.
3. We have potential bullish RSI divergence.
4. In the proximity of the previous structure support.
5. If the Fin time symmetry holds then the anticipated wave (c) low due in this time window.
Invalidation level to note is 1.08350
If the above plays out then the upside is anticipated to be either large wave 3 or C. AB=CD would give us approx target of around 1.18 or higher. I will publish an updated chart as necessary with move detail in due course.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
