I think we are in a lengthy 4th wave that has started from Mid March. Speaking of price, I see 2 scenarios:
i) The descending trend line and the Bearish Bat, as shown in my latest analysis, will halt the current rally and the price will go down for the D wave of a contracting triangle which, after witnessing another 3-wave rally in wave E, will break to the downside and commence the impulsive wave (5) into the parity area.
ii) Bulls break the stiff resistance overhead and continue their run to the 1.17-1.18 area for a Zig Zag 4th wave.
This week will show us which scenario plays out.
Good luck,
Ali Sharifazadeh, CFTe
i) The descending trend line and the Bearish Bat, as shown in my latest analysis, will halt the current rally and the price will go down for the D wave of a contracting triangle which, after witnessing another 3-wave rally in wave E, will break to the downside and commence the impulsive wave (5) into the parity area.
ii) Bulls break the stiff resistance overhead and continue their run to the 1.17-1.18 area for a Zig Zag 4th wave.
This week will show us which scenario plays out.
Good luck,
Ali Sharifazadeh, CFTe
