The EURUSD saw a massive sell-off last Friday, which led to the formation of a bearish Pin Bar at a critical supply zone and weekly descending trendline.
Although EURUSD seems to have resumed the advance from 1.087 major low on the chart, the correction might not be completed yet.
The price action after the advance showed a three-wave down in wave (a) and three-wave up in wave (b). This pattern could result in a complex corrective structure in wave 2.
If this count is correct, the pin bar should send the pair further lower in a five-wave pattern in wave (c) to complete an expanded Flat Elliot Wave pattern.
The blue box and 78.6% Fib is the estimated area for wave (c) to bottomed.
What's your view on EURUSD?
Thanks for reading!
Veejahbee.
Although EURUSD seems to have resumed the advance from 1.087 major low on the chart, the correction might not be completed yet.
The price action after the advance showed a three-wave down in wave (a) and three-wave up in wave (b). This pattern could result in a complex corrective structure in wave 2.
If this count is correct, the pin bar should send the pair further lower in a five-wave pattern in wave (c) to complete an expanded Flat Elliot Wave pattern.
The blue box and 78.6% Fib is the estimated area for wave (c) to bottomed.
What's your view on EURUSD?
Thanks for reading!
Veejahbee.
