Hi Traders!
EURUSD price action has been unfolding in a sideway and contracting manner for the past four weeks. This kind of choppy and time-consuming price action is the best fit for a triangle pattern in the Elliott Wave principle.
According to the theory, the triangle is usually found in waves 4, B, or X. The current correction is in the fourth wave and if this count is correct, the price is expected to head lower in wave v to complete the impulse sequence.
Thanks for reading!
EURUSD price action has been unfolding in a sideway and contracting manner for the past four weeks. This kind of choppy and time-consuming price action is the best fit for a triangle pattern in the Elliott Wave principle.
According to the theory, the triangle is usually found in waves 4, B, or X. The current correction is in the fourth wave and if this count is correct, the price is expected to head lower in wave v to complete the impulse sequence.
Thanks for reading!