EURGBP Short

I see two options for the EURGBP:

1) A Flat correction and
2) A Triangle

Minor wave 3 is complete thus minor wave 4 is underway. Wave 4 being a countertrend move will prove to have two options as listed above. I prefer to always think that the Flat will form but keeping my eye open for the potential reversal at the 0.618 level signaling a Triangle formation.

In my humble opinion, the flat should travel to approximately the 0.8400 level and if a triangle is forming it should reverse somewhere around the 0.8640 level.

Please forgive my wordy thoughts. Hope this idea works out better then my first one.

DISCLAIMER: This is not a trade call for others to follow, trade according to your trading plan.

Yorum:

Here is the 60 min chart that shows it is going well. Now we can expect it to go bearish to the 0,8885 level where sub-micro wave 5 of micro wave 3 completes. It will be followed by a correction to approximately the 0,8970 price level.

This is not a trade call, that is my trading plan, trade your plan.