EUR/USD Weekly study: Possible bearish structures and counts
Several possible counts are on the chart. I'm keeping this as a reference and will adapt whenever PA shows more clues as to what structure is developing.
There are of course other alternative counts, one of which I have published before with the move from december to february as part of an all new bullish motive wave up. I have not included those counts here, already enough numbers on this one and the previous idea's are still there to look at.
For that bullish scenario however decision time is getting near since we are now at or close to (depending on the actual count of the waves, also more than one possibility...) the invalidation zone (possible overlapping waves at this stage or a bit further down). The RSI or MACD are not drawn here but they are flat at the moment...
Based on the above considerations we should get confirmation in the next 1-3 weeks. I am certainly keeping my eye on that blue trendline!
One possible scenario is the formation of a large harmonic AB=CD structure below that longterm "up" trendline and not that far from parity... That would be a serious bearish situation...
There are of course other alternative counts, one of which I have published before with the move from december to february as part of an all new bullish motive wave up. I have not included those counts here, already enough numbers on this one and the previous idea's are still there to look at.
For that bullish scenario however decision time is getting near since we are now at or close to (depending on the actual count of the waves, also more than one possibility...) the invalidation zone (possible overlapping waves at this stage or a bit further down). The RSI or MACD are not drawn here but they are flat at the moment...
Based on the above considerations we should get confirmation in the next 1-3 weeks. I am certainly keeping my eye on that blue trendline!
One possible scenario is the formation of a large harmonic AB=CD structure below that longterm "up" trendline and not that far from parity... That would be a serious bearish situation...
