Right now there is too much going on, I recommend stay out for today and tomorrow (if you are lucky and dont have any positions) and see what gets confirmed
for one side we have the up trend which is on wave 4/5 of elliot although its a bit too much retractment for my like (nothing that we havent seen before) if the pair can retake the 1,1471 then the 1,16-17 will be back in sight for another revisit.
on the bearish side this latest rejection of the 1,17 area may means something, we could be on wave 1 of a fresh bearish elliot wave but this has to be confirmed by the pair not going any higher than 1,14 (ish) this would confirm the retractment and then we can say that wave 3/5 would take us right down to the 1,1050-1100 area!! in that case, we could unlock a further downside movement for ends of september after the China turmoil calms down.
we can also see a ranging period (couldnt add this onto the chart... too much going on) and stay in between 1,11 and 1,14 until the situation in the markets gets clearer, this could happen by the investor preassure and the central banks fighting to contain the bleeding markets by easing and easing...
as I said... nothing is yet confirmed so stay out, get your Pj's on, put a movie and have a good pizza because we have to stay out for now
*******remember I am NOT telling you to buy/sell, its only your responsability what you do with my charts. I am not responsible of anybody's acts*********
for one side we have the up trend which is on wave 4/5 of elliot although its a bit too much retractment for my like (nothing that we havent seen before) if the pair can retake the 1,1471 then the 1,16-17 will be back in sight for another revisit.
on the bearish side this latest rejection of the 1,17 area may means something, we could be on wave 1 of a fresh bearish elliot wave but this has to be confirmed by the pair not going any higher than 1,14 (ish) this would confirm the retractment and then we can say that wave 3/5 would take us right down to the 1,1050-1100 area!! in that case, we could unlock a further downside movement for ends of september after the China turmoil calms down.
we can also see a ranging period (couldnt add this onto the chart... too much going on) and stay in between 1,11 and 1,14 until the situation in the markets gets clearer, this could happen by the investor preassure and the central banks fighting to contain the bleeding markets by easing and easing...
as I said... nothing is yet confirmed so stay out, get your Pj's on, put a movie and have a good pizza because we have to stay out for now
*******remember I am NOT telling you to buy/sell, its only your responsability what you do with my charts. I am not responsible of anybody's acts*********
