Sometimes it is best not to overthink things.
The descending wedge on the EURO (
EURUSD
) has been clearly broken to the upside.
A new uptrend has begun.
Rises are in 5 waves and drops are in 3 waves. This is a classic Elliot wave definition of a new trend direction.
Keep it simple.
Primary wave 2 and secondary wave 2 of wave 3 UP have now tested the long-term descending wedge's upper trend line and twice it has held and drops below it have been rejected. See two red circles on the chart.
Wave 3 of 3 will likely be triggered by anticipation of the Fed lowering interest rates at the end of this month.
Cheers!
Cyrus
The descending wedge on the EURO (
EURUSD
) has been clearly broken to the upside. A new uptrend has begun.
Rises are in 5 waves and drops are in 3 waves. This is a classic Elliot wave definition of a new trend direction.
Keep it simple.
Primary wave 2 and secondary wave 2 of wave 3 UP have now tested the long-term descending wedge's upper trend line and twice it has held and drops below it have been rejected. See two red circles on the chart.
Wave 3 of 3 will likely be triggered by anticipation of the Fed lowering interest rates at the end of this month.
Cheers!
Cyrus
