Saturday, May 30, 2015

Eur/Usd : Here come the bulls

In the last update i was looking for a decline, price went a little higher first but declined anyway. This decline was in 3 waves which look finished now. I am now once again looking for a rally. I would also like to point out the weekly candle is a hammer which lays on the 61.8% fibonacci retracement from the entire rally from the february low. I labelled the rally as a wave W and the decline as a wave X because price action from the wave X low is corrective, the rally will be wave Y in a complex double 3. As for alternative counts, wave X could extend further or become a triangle.


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