Elliot Wave theory states that a triangle is signifying a terminal move and in the case of EURUSD, we have seen complete contracting triangle which started back in March 2015 and a completion of that triangle at the announcement of the US elections back in Nov 2016.
Current wave: Wave 5 of 5 with wave 1, 2 and 3 complete with the wave 3 extending to 1.618%. Next wave: A wave 4 of sorts will start shortly and I predict that it will be a triangle at a lesser degree signifying and yet another terminal sub wave move Forecast move: I expect this pair to make a new 14 year low at around the 1.0430 price mark and then a MASSIVE directional change for years to come.
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Update on current Wave: Looks like wave 4 retracement hit 50% - I don't know if wave 4 is complete as I am still sticking with the triangle prediction but below is what I am hoping will play out of the next few days.
Alternate count is the there could be an ending diagonal of sorts as that also signifies a terminal move.
Forecast move remains the same: I expect this pair to make a new 14 year low at around the 1.0430 price mark and then a MASSIVE directional change for years to come.
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New low made so go Long and keep it long for a a lonnnnnnggggggggggg time!
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Quick update: Been looking at the possibilities for EURUSD and I am yet to find a conclusive answer as to what the long term move will be but here are some key facts.
1: EURUSD has a Bullish Divergency in every timeframe from Monthly to hourly indicating that USD has been MASSIVELY overbought since the high in July 2008 2: We saw the 5th wave breakout which completed yesterday off the larger wave 4 triangle. 3. There will be a rally by the EUR of sorts for either a change in direction or a corrective ABC long from here. 4. FOMC saw the Fed rate increase to 0.75% so demand for the USD should increase but given that USD is MASSIVELY overbought, I am unsure this will have long term impact on the USD to gain strength to dip below 1.000 mark
Feel free to share your views and thoughts on the above