Short term Elliottwave structure suggests cycle from 5/12 peak (85.48) is unfolding as a flat where wave A ended at 82.88 and wave B ended at 85.51. Wave C is in progress as 5 waves where wave 1 of C ended at 82.65, wave 2 of C ended at 84.57, wave 3 of C ended at 79.3 and wave 4 of C is proposed over at 81.24. While bounces now stay below wave 4 of C at 81.24, expect pair to resume lower in wave 5 of C towards 77.34 – 78.89 area to finish a flat structure from 5/12 peak. If pair breaks above 81.24, then it’s still in wave 4 of C correction and should see extension higher to correct the decline from wave 2 of C at 84.57 before pair turns lower. We don’t like buying the pair and expect continuation lower against 81.24 in the first degree, and against wave 2 at 84.57 in the second degree.
At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer
Back
