Six month ago I published the following idea. Now the wave five is still ongoing currently. But I want to point out this decline will finish soon. Eurusd might start the retrace in 2017 after the wave five has completed.
It is a good chance to buy the dip after the minor wave five finishes if you are a mid-term or long-term trader.
Good luck for everyone!
Kommentar
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I would change the wave count a bit. The wave (4) is a triangle. Wave (5) has already finished. It formed a nice triple bottom. No short for EURUSD, but buy the pull back in a long run as suggested above.
Hey! I agree with your targets, but not agree with a wave counting. Btw, wave 3 should extend 1.618 Fibonacci extension of wave 1 and it could go up to 2.618 Fib extension or more.
zhipengcfel
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@Gorbie, The wave counting does not matter. It just gives us a logic for trading. It will be clear after finishing. This wave (3) is part of a correction wave (C), so it does not need to be an extended wave. If wave (4) is a triangle, the wave (5) have likely completed. I just want to point out that buy euro in a long run is profitable.