robert7774
New Member
Main scenario: consider long positions above the level of 1891.87 with a target of 2022.28 – 2059.86 once a correction formed.
Alternative scenario: breakout and consolidation below the level of 1891.87 will allow the pair to continue declining to the levels of 1870.00 – 1836.74.
Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the first wave 1 of (5) is formed and a bearish correction is completed as second wave 2 of (5) on the H4 chart. Presumably the third wave 3 of (5) is unfolding. The first counter-trend wave of smaller degree i of 3 is formed on the H1 chart, and a local correction is nearing completion as the second wave ii of 3. If the presumption is correct, the pair will continue to rise to the levels of 2022.28 – 2059.86 after correction. The level of 1891.87 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1870.00 – 1836.74.
Alternative scenario: breakout and consolidation below the level of 1891.87 will allow the pair to continue declining to the levels of 1870.00 – 1836.74.
Analysis: on the daily chart, a downside correction presumably finished developing as the fourth wave of larger degree (4), and the fifth wave (5) is forming. Apparently, the first wave 1 of (5) is formed and a bearish correction is completed as second wave 2 of (5) on the H4 chart. Presumably the third wave 3 of (5) is unfolding. The first counter-trend wave of smaller degree i of 3 is formed on the H1 chart, and a local correction is nearing completion as the second wave ii of 3. If the presumption is correct, the pair will continue to rise to the levels of 2022.28 – 2059.86 after correction. The level of 1891.87 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1870.00 – 1836.74.
