As you can see this a Eliot wave count based idea.
If you see something wrong with please let me now.
One of elliot wave count rules is that 3rd wave can't be the shortest, which means this new 5th wave can be more than 390 pips long, right now it sits around 330.
Green line is string resistance/support level on 1D chart.
USD index is also reaching its top on the chanel and also closing it's 5th wave.
So there is still a chance of EU turning around soon, Even tough this 1D candle is really strong.
Will keep updating this idea.
Good luck.
P.s. this 5th wave can be 3rd extension.
If you see something wrong with please let me now.
One of elliot wave count rules is that 3rd wave can't be the shortest, which means this new 5th wave can be more than 390 pips long, right now it sits around 330.
Green line is string resistance/support level on 1D chart.
USD index is also reaching its top on the chanel and also closing it's 5th wave.
So there is still a chance of EU turning around soon, Even tough this 1D candle is really strong.
Will keep updating this idea.
Good luck.
P.s. this 5th wave can be 3rd extension.
