EURUSD has been recently moving in an uptrend. According to Elliott waves, an uptrend has 5 waves where we have 3 waves in the form of an impulse and two waves in the form of a correction. We are currently in wave 4 ( Correction ) and looking for wave 5 ( Impulse ).
LONG Entry:
Watch for a bounce-off Wave 1 structure that lines up with the 0.5 Fibonacci level and with the major uptrend.
- Stoploss: Below structure
- Target: -0.27 Fib level and channel resistance
- Invalidation: Break of structure and uptrend
Good Luck, and as always trade safe!
LONG Entry:
Watch for a bounce-off Wave 1 structure that lines up with the 0.5 Fibonacci level and with the major uptrend.
- Stoploss: Below structure
- Target: -0.27 Fib level and channel resistance
- Invalidation: Break of structure and uptrend
Good Luck, and as always trade safe!
