#EURGBP chance to catch wave 5
Updated
Based on Elliott Wave theory, wave 5 of a motive move is often one of the best to trade, and we might have the opportunity to catch it here.
It appears we are at the end of wave 4, which, in comparison to wave 2, has been more complex and prolonged, in line with the principle of alternation.
Additionally, the price seems to be forming a failure swing, which is a bottoming formation, and according to Charles Dow’s principles, this is one of the three key tradable patterns.
To trade this setup, one could either enter now with a stop at the low of wave 4, or wait for a new high to form on this timeframe and place the stop below the current low.
Looking forward to seeing how this trade idea unfolds.
It appears we are at the end of wave 4, which, in comparison to wave 2, has been more complex and prolonged, in line with the principle of alternation.
Additionally, the price seems to be forming a failure swing, which is a bottoming formation, and according to Charles Dow’s principles, this is one of the three key tradable patterns.
To trade this setup, one could either enter now with a stop at the low of wave 4, or wait for a new high to form on this timeframe and place the stop below the current low.
Looking forward to seeing how this trade idea unfolds.
Trade active
This trading idea is active and moving higherNote
we caught a two wave in this recent rally but at the end changed direction and broke structure to the downside. Now we should wait to see what price is going to do next. 
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