Since the Fed rate hike overnight, we've seen the final push down to ALMOST complete the final wave 5; shy of 5 pips from making a 14 year low from the triangle wave E breakout at the announcement of the US elections. Long terms affects of the Fed rate hike is still unknown but I can see that in almost every single timeframe that USD has been oversold so I anticipate a rally from the EUR soon.
Elliot Wave Analysis: Current Wave: Final wave 5 is almost complete and set to make a new 14 year low Forecast Wave: Once the new low is made expect 2 alternatives. A) This current wave 1 is apart of a bigger wave 5 to complete the breakout from the triangle which could see the EUR plunge below the 1.000 mark. B) Or a MASSIVE directional change for years to come
In either situations, expect a bounce off the new low for either an ABC wave 2 correction in alternative count 1 or a 5 wave impulse move up in alternative 2 count.
Happy Trading!
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Today, we saw the EURUSD push down further and shy of 5 pips to make a new 14 year low.
Since the fall, there seems to be a smaller wave 4 triangle forming which signifies a terminal move so expect a change of direction post making the new low.
Happy Trading!
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As always, price action goes further than i anticipated but it is looking like a clean move up now so my forecast is still valid for a) a change in trend or b) an ABC correction to around the 1.0800 mark