Many have been showing lot of interest in this pair so I thought this would be an excellent opportunity to highlight what I think is triangle formation. If correct you offer lots of opportunities to trade whilst triangle is being formed and best trade would be on triangle completion when the prior bearish trend will resume
In Elliot wave these types of triangle are called 3-3-3-3-3 and are characterised by each of the swings A - E have 3 minor swings within it as zigzag. They offer very clear advantage as likely swings could be anticipated without too much difficulties.
In this case we appear have completed swings a, b, and c with swing "d" in progress. So whilst saying we are in bearish swing it is likely to offer both bullish and bearish trades as we progress.
On completion the trend will continue to the downside.
Hope you will find this useful.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
In Elliot wave these types of triangle are called 3-3-3-3-3 and are characterised by each of the swings A - E have 3 minor swings within it as zigzag. They offer very clear advantage as likely swings could be anticipated without too much difficulties.
In this case we appear have completed swings a, b, and c with swing "d" in progress. So whilst saying we are in bearish swing it is likely to offer both bullish and bearish trades as we progress.
On completion the trend will continue to the downside.
Hope you will find this useful.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
