Eur/Usd : Still on track

22 Eyl 2016

Not much is happening in this pair and it seems price will grind higher slowly to eventually reach 1.1768. As for the EW count there are several possibilities. The one presented is the double three (wxy) count. However, with all the internal wave structures being corrective waves on their own plus the range the pair has been in, a triangle cannot be excluded. Triangles are very tricky because they can transform into other corrective patterns. The possibilities i Always keep in mind in these situations : bullish or bearish triangles which can become bigger in time ( like a wave C becoming larger ), double threes or even ending diagonals. A good thing to do when not sure is to go to the bigger or smaller timeframes and focus on those until the count clears itself out. Here price has a double bottom now at 1.1121, interesting because this could be another triangle, hah. I will focus on the black trend line for clarity of the count and direction of price.