Scenario A (Blue):
This is a big 3 wave correction for weekly move up.
We completed the C wave and we are on the way to go and break the trend line.
Scenario B (Red):
This is a bearish 5 wave trend and we are in the pull back to possibly 61.8% of Fib for completing the 4th wave.
My idea is the scenario A is more likely to be correct, because:
1- The 4th wave already entered in the area of wave 1 and base on Elliot wave theory this should'n happen.
2- The whole current structure is looks like a Contracting Triangle flag in a weekly uptrend.
3- We are expecting a bullish wave for USD in other charts soon (look at my USDJPY idea).
In either scenarios, we have a move up first and about 680 pips to reach the decision point.
I will update this idea once I found a buy setup
This is a big 3 wave correction for weekly move up.
We completed the C wave and we are on the way to go and break the trend line.
Scenario B (Red):
This is a bearish 5 wave trend and we are in the pull back to possibly 61.8% of Fib for completing the 4th wave.
My idea is the scenario A is more likely to be correct, because:
1- The 4th wave already entered in the area of wave 1 and base on Elliot wave theory this should'n happen.
2- The whole current structure is looks like a Contracting Triangle flag in a weekly uptrend.
3- We are expecting a bullish wave for USD in other charts soon (look at my USDJPY idea).
In either scenarios, we have a move up first and about 680 pips to reach the decision point.
I will update this idea once I found a buy setup
