In this chart you can see a very coherent wave count from an Elliot perspective. At the time I think that we are finishing a complex 4th wave in the form of a symmetric triangle that has to continue with the main down trend. The target of all the movement is an EURUSD in 0,85 in the next 12 - 18 months
If you like Elliot wave theory this is very important for predicting great market moves. You should read about it!
If you know what wave are you, you can estimate the next leg for the market very precise, at the moment we finish correcting the 4th principal wave in 2018 at 1,25 (exactly at vertex of the main blue triangle) then we began our 1st wave for the last 5th wave of all the movement.
The first wave began at 1,25 in april 2018 to 1.06 in april 2020 with the COVID as a trigger for the correction to 1,20 (this is the 2nd wave)
If you see the charts at the high of the 2nd wave witch is 0.618 of the first wave 1,25 - 1,06 we form a beautiful daily Head and Shoulders pattern announcing the beginning of the 3rd wave (this one should be very strong in movement) and break the symmetrical triangle in red (neckline 1,07) maybe until year end.
then we can expect the 4th and the last 5th wave in time
This is clearly a swing trade holding positions for at least 1 year
If you like Elliot wave theory this is very important for predicting great market moves. You should read about it!
If you know what wave are you, you can estimate the next leg for the market very precise, at the moment we finish correcting the 4th principal wave in 2018 at 1,25 (exactly at vertex of the main blue triangle) then we began our 1st wave for the last 5th wave of all the movement.
The first wave began at 1,25 in april 2018 to 1.06 in april 2020 with the COVID as a trigger for the correction to 1,20 (this is the 2nd wave)
If you see the charts at the high of the 2nd wave witch is 0.618 of the first wave 1,25 - 1,06 we form a beautiful daily Head and Shoulders pattern announcing the beginning of the 3rd wave (this one should be very strong in movement) and break the symmetrical triangle in red (neckline 1,07) maybe until year end.
then we can expect the 4th and the last 5th wave in time
This is clearly a swing trade holding positions for at least 1 year