LONG BEAR MARKET IS OVER. EURUSD ON ITS 3RD WAVE UP!
34 minutes ago
From what I deduce, I was leaning on bearish before my Elliot wave was violated few days ago at 1,16400 where it made a higher high resulting in me charting a bull count. It has also broken above the descending trend line in yellow on a large time frame suggesting that it will try to find that as support now unless bears fails the attempt which to me isnt gonna happen as bears are not even trying anymore. Note that we hit a double bottom to complete wave 5 on the correction trend just shy of few hundred pips to hit the 50% retracement line from ATL 0.40% to ATH -1.03% price action. We we then bounced hard from ATL 0.40% to about 1.171 region to make first bull wave 1 and heavily retraced to neatly ATL 0.40% to create wave 2 since bulls are not giving up and clearly my bearish EW count has been violated, my short to mid term money is on BULLS now. Looking at completing wave 3 at at least 127% of fib extension at around 1.185 to 1.187 price range. Today the price went up to the long term fib retracement region of 38.2% and got rejected. I am guessing that will be broken soon and we will then attempt to crawl up back slowly to 23.6% and so on. Look out for more info soon.
From what I deduce, I was leaning on bearish before my Elliot wave was violated few days ago at 1,16400 where it made a higher high resulting in me charting a bull count. It has also broken above the descending trend line in yellow on a large time frame suggesting that it will try to find that as support now unless bears fails the attempt which to me isnt gonna happen as bears are not even trying anymore. Note that we hit a double bottom to complete wave 5 on the correction trend just shy of few hundred pips to hit the 50% retracement line from ATL 0.40% to ATH -1.03% price action. We we then bounced hard from ATL 0.40% to about 1.171 region to make first bull wave 1 and heavily retraced to neatly ATL 0.40% to create wave 2 since bulls are not giving up and clearly my bearish EW count has been violated, my short to mid term money is on BULLS now. Looking at completing wave 3 at at least 127% of fib extension at around 1.185 to 1.187 price range. Today the price went up to the long term fib retracement region of 38.2% and got rejected. I am guessing that will be broken soon and we will then attempt to crawl up back slowly to 23.6% and so on. Look out for more info soon.
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