EUR USD Wave 5
Continuing the analysis from the previous post, EURUSD is currently completing wave 5. The length of wave 5 can be characterized by the following:
123.4% reverse retracement of wave 4, or
161.8% reverse retracement of wave 4, or
61.8% of waves 1-3.
One of these criteria has already been met.
From the perspective of the pattern formed, there should ideally be 5 waves (3-3-3-3-3) occurring.
However, in reality, it is unclear whether the 3-3-3-3-3 pattern (bluw arrow) has fully formed, or if it remains at 3-3-3 ( orange arrow).
A sell position can be initiated if the price breaks below wave 4 (last week’s low).
123.4% reverse retracement of wave 4, or
161.8% reverse retracement of wave 4, or
61.8% of waves 1-3.
One of these criteria has already been met.
From the perspective of the pattern formed, there should ideally be 5 waves (3-3-3-3-3) occurring.
However, in reality, it is unclear whether the 3-3-3-3-3 pattern (bluw arrow) has fully formed, or if it remains at 3-3-3 ( orange arrow).
A sell position can be initiated if the price breaks below wave 4 (last week’s low).
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