If the big impulsive move up was the wave 1 of a 5 wave move up then we are currently in the ABC correction of that move. For this count to be false, price has to break the lowest low.
Nature of the correction is not convincing enough to enter any trades long even if it tests the 127% fib extension of the A wave - unless there is a clear reversal with an explosive candle up.
On this pair just watching the charts for now.
My previous idea of a possible triangle and a Bat overlap did not work out as expected. So I concluded that count was wrong and this is my new count on EURUSD
Nature of the correction is not convincing enough to enter any trades long even if it tests the 127% fib extension of the A wave - unless there is a clear reversal with an explosive candle up.
On this pair just watching the charts for now.
My previous idea of a possible triangle and a Bat overlap did not work out as expected. So I concluded that count was wrong and this is my new count on EURUSD
