Forex FOREX PRO WEEKLY, October 15-19, 2018

[Sive Morten]

Hey Stag, it looks like your wave count was better then mine, as usual I expect rebound here for EUR/USD still, nothing has changed as long as 1.1432 support holds. Do you agree?

Yes, 1.1432 is the ultimate boundary. The decline from 1.1621 looks impulsive and terminal, but still lacking evidence a bottom is in place. If 1.1432 breaks we have to conclude the rise over the past few days was a correction within a renewed bear trend (see my alternate scenario). In this case any rally attempt will stall after three waves.

Best wave calculation was mine
Just kidding... Great discussion guys, excellent analysis on GBP as well. Personally, I see just big triangle there, I mean on GBP... with our "222" Sell inside.

Don't be surprised by goofy action guys this days. As on GBP as on EUR It has neither technical nor economical background - make adjustments on EU/GB Brexit negotiations this week.
It seems that divorce is postponing - and politics comes on first stage. That's why, I suppose, EUR and GBP shows a bit irrational action.

 

[Sive Morten]

Morning guys,

So, it seems that our suggestion yesterday on more drop was correct. Yesterday is a 2nd session in a row with tail close. Currently EUR stands close to the moment of truth. The only way how it could turn situation for 180 degrees is to form Double Bottom pattern here with W&R of recent lows. This is primary bullish scenario. Drop below recent lows will mean that long-term bearish trend is re-established:

Market has no barriers to drop lower, so at least W&R of 1.14 lows cold follow. But, in general major targets have been met - Double top and XOP. Thus, if you would like to bet on this scenario - keep 10-15% of your position, and close the rest, enjoy the holidays, this was a good week for us.

 

[Stag]

Best wave calculation was mine .

Actually that is true, congrats!

 

[Deltoid88]

Best wave calculation was mine

Yes it was, you only saw immediate drop to 1.1560

 

[Deltoid88]

EUR powers up!