EURUSD - Monthly Elliot Wave/Volume Analysis
Sorry for the busy chart.
It can be observed in 02 MAR 2020 that price had been consolidating into a strong demand market. Volume had hit levels of 18.889 million resulting in a fairly neutral candlestick formation. EU had successfully closed outside of the channel in July sending a strong signal of a trend reversal. If price action can close above and/or retest the 1.25438 level, we can be confident that EU is in a demand dominant market trend and we can safely assess that price will move into wave three over the next 2-3 years.
Of course, we could also be witnessing the formation of a price channel.
It can be observed in 02 MAR 2020 that price had been consolidating into a strong demand market. Volume had hit levels of 18.889 million resulting in a fairly neutral candlestick formation. EU had successfully closed outside of the channel in July sending a strong signal of a trend reversal. If price action can close above and/or retest the 1.25438 level, we can be confident that EU is in a demand dominant market trend and we can safely assess that price will move into wave three over the next 2-3 years.
Of course, we could also be witnessing the formation of a price channel.
