GU has been in a daily correction since August,2018.
Based on EW count it has been making a flat correction and now C leg of that flat is about to be completed.
Based on price action I'm still anticipating one more move UP to break previous high and then make its way down.
As we can see price has been in a very good and strong Downtrend for a while and then it started retracing, my bias and Technical Analysis says that the retracement is complete or it is about to be completed. but If retracement is completed then this time is good oppertunity to sell.
TRADE WITH PROPER STOP LOSS BASED ON THE MARKET STRUCTURE!!
EURUSD SHORT NOT COMPLETED YET?
EURO has been in a strong downtrend since FEB,18.
Apparently it might be in making of 5 wave structure.
If that's the case then 4 waves are completed and now heading down again for 5th wave.
5th wave of the daily structure is in also making of 5 wave but in that case 4th wave might completed now and now on it is going to complete...
Prepare for NU BUY
As described before price was retracing and now it has came around 61.8% of the original impulse, So now we'll have to prepare for the BUY.
I'll looking for BUY entries around 0.6760 price level, apparently which will also complete the 5 wave structure.
Price has been in a very good downtrend but price can't go forever in a single direction it has to get the volatility to again proceed in the original direction.
I've been looking for a short term long in this pair and this might be the time for that buy..
All idea is depended on Wave structure.
An expanding wedge is a part of a flat in this case and it is completed or about to be complete.
But this can be a or it is a start of the next impulse up which will be the C wave of the Flat.
I've been looking for short move since 2nd week of the September. As shown in chart price is showing sell sign by divergence On RSI and MACD both.
When price move forward in our forecasting direction then Move SL past the entry. If it's not the move down then we again look for the sell opportunities.
EU is in downtrend and now it's in a sideways correction.
I'm looking for 1 more impulse to the downside! and that's too on a bigger time frame and i think this will be a good entry for the downside impulse
Stop loss would be 1.1755