At this point I'm working with two equally possible scenarios. The first is, that a series of wave one's and two's is developing. For this scenario to stay alive we should see resistance 1.3769 protect the upside for a clear break below 1.3709 for a powerful impulsive decline in a series of wave three's.
The second scenario indicates, that a ugly looking wave i ended at 137.09 and wave ii is developing for a move closer to 1.3779 before lower in a powerful wave iii decline towards at least 1.3623 and likely even lower towards 1.3523.
Only a break above 1.3811 will invalidate the bearish scenario and a break above 1.3832 will indicate, that wave E of the major B-wave triangle is not over yet and that a rally towards 1.4247 will likely be seen before wave E is finally in place.
HI EWS:
ReplyDeleteDon`t you see a third possibility? a bull scenario with an E near the trendline that is coming from 2008: http://www.mql5.com/en/charts/1182641/eurusd-w1-metaquotes-software-corp-temp-file-screenshot-47996?bind=1
Thanks
Hi Manuel,
ReplyDeleteYou are right, that the option you are showing is a trird possibility.
Thank you for sharing.
Kind regards
EWS
Thanks for your work, it's a pleasure for me
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