EUR/USD is trading withing a Complex Corrective ABCDE structure and preparing to finalize the Corrective 4th Wave Cycle. Primary Wave D was formed out of a Complex Corrective WXY Structure which points out to the fact that the final Wave E within this correction should be limited as per the trend-line and Channel. According to the Bullish Divergence shown, Wave E might form a Head and Shoulders formation towards the end of Intermediate Wave Y.
Key Levels to watch for this set-up - 1.0825
Short-term Levels - BUY 1.0500 & 1.0400
Long-term Levels - SELL 1.1100 & 1.1300
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getting there
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we are very near to the Trend-Line Resistance
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Preparing the Major SELL:
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donaldsaw
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Hi, Good count and how I was looking at it before but I think EUR is ready to turn as USDCHF has an ending diagonal on wave 5 down and the binary nature of these pairs match perfectly so food for thought.. I am not looking of short side now.
GL
Lionheart-EWA
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@donaldsaw, me neither, not yet, waiting for the last leg up:
donaldsaw
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@Libeloo24, This was a crazy impulse up but the ride down should be stunning so let's wait for that!
Lionheart-EWA
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@donaldsaw, hit me up when you believe it's time to ride the wave down, would be good to work together on this setup, so far we agreed on several moves.
donaldsaw
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@Libeloo24, yeah sounds good... I've recounted a couple charts and I am possibly thinking the ride down might be happening sooner than expected. I've simplified my count and keeping in mind my count back in Dec 2016 (Massive change in direction) and I think this might be a completion of a bigger wave 1. Thoughts?
Lionheart-EWA
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@donaldsaw, I am seeing a Running Flat from Feb until April so I am looking at another wave up and that's it
donaldsaw
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@Libeloo24, It is developing that wedge shape so yes, this is my preferred count still as well; Markets are very slow at the moment so let's watch for the final push up.
Lionheart-EWA
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@donaldsaw, you are right, we need to wait at this stage and see the next impulse
Quadricolor
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It will be interesting to see if there is a correlation here with the French or other EU election outcomes.
GL