EUR/USD UPDATE: Triangle broken, AB=CD now or bat later?
Today PA invalidated the triangle from my previous idea.
It's possible that we have just completed an AB=CD pattern at the lower boundary of a down channel AND at the 61.8% retracement of the last big move up (depicted here as wave 1 or bat XA). This could be the end of a C wave of a zigzag correction and possibly wave 2... but we can't be sure yet at this point in time...
I closed my short and I'm currently long to catch a possible retracement up to the broken minor S/R zone or possibly beyond. If this fails and we break the channell to the downside then completion of the bullish bat is very likely imo.
As long as we don't move up beyond the bat's C point it stays valid for me.
It's possible that we have just completed an AB=CD pattern at the lower boundary of a down channel AND at the 61.8% retracement of the last big move up (depicted here as wave 1 or bat XA). This could be the end of a C wave of a zigzag correction and possibly wave 2... but we can't be sure yet at this point in time...
I closed my short and I'm currently long to catch a possible retracement up to the broken minor S/R zone or possibly beyond. If this fails and we break the channell to the downside then completion of the bullish bat is very likely imo.
As long as we don't move up beyond the bat's C point it stays valid for me.
Bounce off the channel boundary and now above the S/R zone, re-test and further up to the upper channel boundary...?