Stag
Sergeant
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Greetings guys, it's worth recalling to see how our structure evolved over the past few weeks. Prices found a way and postponed our moment of truth a bit. All three scenarios remain valid with minor adjustments / new key levels.
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Greetings guys, it's beeen a while since my last update and the Euro is getting exciting enough to share my current view again.
I agree with Sive, but it's worth taking a look at the larger structure that gives context. The chart suggests how this sequence and its final wave may be subdividing down, pointed toward lower levels with a potential final target in the 1.0900 - 1.0850 region.
While there is no evidence a bottom has been established the divergence between price and momentum signals the decline may be in its final stage. In this case price has no business being above 1.1109 until this wave completes. A decline below yesterday's 1.0990 low will imply that wave 5 remains in action.
On the upside, the earliest sign of a bullish turn would be a push through 1.1109. A poke above 1.1109 would provide a hint that the decline may be complete and that red A wave has commenced. In this case price should keep on higher towards the next critical resistance at 1.125. Any subsequent decline would be considered to be corrective in nature. Keep in mind that the confirmation level for a bullish turn resides at 1.1412.
So be prepared for a sudden new low followed by a swift reversal unless prices keep advancing above 1.1109 and towards 1.125. Huge swings are probable.
Good luck.