EUR - completing flat correction, reversal in a couple of days.
Here's my interpretation of EUR correction which was developing since March 16th.
- This looks like a flat correction with A, B waves completed and C wave completing its last 5th wave.
- A and B were zigzags and C is a 5-wave impulse.
- C wave seems to be running for 1.382 or 1.618 multiple of wave A.
- Assuming equality of wave 1 and 5 the target for wave 5 could be 1.1445, which also enable the price to touch the terminus of wave 4 traced early Feb.
- The likely movement after achieving wave 5 would be down - we need to watch for the breakout from the head and shoulders pattern, and if this is achieved the price may travel to as low as 1.0900. I think this should be the trade setup to go for.
- It is unlikely that the correction for EUR will be over with the completion of C wave. Maybe we will see a zigzag X wave then, followed by some other corrective pattern in the next months.
- This looks like a flat correction with A, B waves completed and C wave completing its last 5th wave.
- A and B were zigzags and C is a 5-wave impulse.
- C wave seems to be running for 1.382 or 1.618 multiple of wave A.
- Assuming equality of wave 1 and 5 the target for wave 5 could be 1.1445, which also enable the price to touch the terminus of wave 4 traced early Feb.
- The likely movement after achieving wave 5 would be down - we need to watch for the breakout from the head and shoulders pattern, and if this is achieved the price may travel to as low as 1.0900. I think this should be the trade setup to go for.
- It is unlikely that the correction for EUR will be over with the completion of C wave. Maybe we will see a zigzag X wave then, followed by some other corrective pattern in the next months.