The EURUSD is most likely within a relief bounce that is part of a third wave of minuette degree. We expect to see a fade of this bounce very soon. Alternation guidelines suggest a sideways pattern into subminuette wave iv. All wave action should take place well within the red downside trend channel. The green trend channel should function as resistance.
The unwinding of an overcrowded trade will most likely resume soon. Position and sentiment indicators show a relief but have far more room left on the downside. The current correction is in terms of time and level too short to be cleared as complete. Moreover, we do not record a terminal wave pattern on the downside yet.
All in all, we continue to see the EURUSD trend to the downside.
Entry, S/L, and target levels are depicted by the "Short Position" Bar.
Good Luck!
The unwinding of an overcrowded trade will most likely resume soon. Position and sentiment indicators show a relief but have far more room left on the downside. The current correction is in terms of time and level too short to be cleared as complete. Moreover, we do not record a terminal wave pattern on the downside yet.
All in all, we continue to see the EURUSD trend to the downside.
Entry, S/L, and target levels are depicted by the "Short Position" Bar.
Good Luck!
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This went down too fast. May be an expanding B-wave of the triangle. Playing safe here and closing earlier.
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