FINAL PUSH by USD Confirmed (Short then LONG for a long time)..
Hi All,
As forecasted, I was expecting a final USD fight back for the next few weeks and it has definitely started turning with a sharp fall which I have labelled as wave C. Below is a quick update of my count and summary of what I am expecting this pair to do over the coming weeks.
Forecast :
Starting from the low at 1.03411
Wave 1: Leading Diagonal impulse move to the upside.
Wave 2: This move is still incomplete but it wave A and B are complete.
Wave A is a double ZZ combo (WXY), Wave B is a complex Flat which went higher than Wave A which indicates that this is an 'Expanded Flat' corrective pattern.
Forecast wave: Wave C short has well and truly started and I have wave 1 and wave 2 complete. Wave 3 is currently in progress with an extension range mapped out. It clearly broke past 1.618% and 2.618% so the next possible target is 423.6% or 686%.
Just a word of advice, 'Don't catch a falling knife' as wave C are very impulsive so pick your entries carefully. My suggestion would be to wait for wave 3 to complete and a wave 4 consolidation will happen so look for possible shorts then. The best situation would be a wave 4 triangle as it is a terminal move so expect a wave 5 break out after the wave 4 consolidation.
On the completion of this wave C, I am expecting a bigger wave 3 to the upside for years to come so that is what I am aiming for.
Happy Trading all and feel free to comment / ask questions.
Cheers
Don
As forecasted, I was expecting a final USD fight back for the next few weeks and it has definitely started turning with a sharp fall which I have labelled as wave C. Below is a quick update of my count and summary of what I am expecting this pair to do over the coming weeks.
Forecast :
Starting from the low at 1.03411
Wave 1: Leading Diagonal impulse move to the upside.
Wave 2: This move is still incomplete but it wave A and B are complete.
Wave A is a double ZZ combo (WXY), Wave B is a complex Flat which went higher than Wave A which indicates that this is an 'Expanded Flat' corrective pattern.
Forecast wave: Wave C short has well and truly started and I have wave 1 and wave 2 complete. Wave 3 is currently in progress with an extension range mapped out. It clearly broke past 1.618% and 2.618% so the next possible target is 423.6% or 686%.
Just a word of advice, 'Don't catch a falling knife' as wave C are very impulsive so pick your entries carefully. My suggestion would be to wait for wave 3 to complete and a wave 4 consolidation will happen so look for possible shorts then. The best situation would be a wave 4 triangle as it is a terminal move so expect a wave 5 break out after the wave 4 consolidation.
On the completion of this wave C, I am expecting a bigger wave 3 to the upside for years to come so that is what I am aiming for.
Happy Trading all and feel free to comment / ask questions.
Cheers
Don
Here's a quick update: I am anticipating EUR/USD to be bullish and start wave 3 of 3 in a bigger timeframe today based on the below key points:
1) There is bullish divergence showing on almost every timeframe which indicates USD is overbought.
2) This count for corrective wave 2 is looking likely to be a running flat where wave B terminates beyond the start of wave A, and wave C terminates short of the end of wave A.
3) NFP forecast looks negative for USD which could push this pair up.
Let's see how this develops at 13:30GMT
Best of luck all...