edgarh132

edgarh132

The Fibonacci retracement of the downtrend made a pullback on the 50% until 23.6% and started a retrace. The trend is showing a perfect ABCD set up with the fibo extensions of 0.618 from A to C. so target would be around the 61.8% which also adds up with the extension of C and D of 1.272 which TP would be 1.09 and i would also enter a short after hitting TP

edgarh132

UJ continues to make lower highs and lower lows, theres a possibility of the trend to finishing with a new LH and continuing the down trend.

edgarh132

The EU probably will be seen 1.0722 before dropping again stince previous price action keeps making HL and LL

edgarh132

theres a double top and support break out

edgarh132

elliott wave theory consists of 5 waves. wave 1 3 5 being the body of the wave and 2 and 4 being correction. it seems like we came to the end of the 4 wave since it keeps rejecting 1.076 zone. also shows that in previous time when it tried breaking that zone it didn't manage to do so and continued dropping.

edgarh132

if it doesn't break the resistance