Thursday, March 19, 2015

Eurusd: Completion Of Bearish Cycle?

This market has for long crashed down. I am one of the people waiting for a turn. With the completion of the long term bearish correction, price is expected to move up. 

A trigger is needed and it seems we have now.


From the weekly chart I have below shows the wave analysis from the beginning of this millenium 2000till date, during which we have a five wave impulsive move followed by a zigzag corrective patter. 


The B leg of of this zigzag is a triangle formation.

 Triangles are known to usually precede the end of a run. Price broke out massively in a trendy impulsive move ( this can be seen clearly on the daily chart). 


The C leg of the zigzag completes a 100% extension of A leg from B leg which is a very typical fibonacci relationship in zigzag corrections.




 Price is expected to turn from here to 1.1800 resistance, 1.2600-1.3000 ( breakpoint retest of the triangle) and if the long term bullish trend resumes, price go higher and higher.

Always check here for updates of the move and how I intend dealing with price actions along the way.

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