Based on Prior move from Overbought in final downtrend, I am looking at the count of the move after the trigger day and applying that same thought process to the current setup.
In external prior cycle work I have the following turn dates:
EURUSD - Sell August 18
GBPUSD - Buy August 16
USDJPY - Buy August 15
USDCAD - Buy August 23
Based on this I would look to Buy any shallow dip in the EURUSD leading into the middle of next week. I would be careful of the rally not equating to a significant move. One difference between the count in this period and in last was last period we were in a downtrend and that was a bounce that established the most recent low and the HIGHER LOW of the current uptrend. Here we are in an Uptrend and it would make sense that we might have a HIGHER LOW that is not as deep as the previous dip.
As always - Predicting the Future is not possible and all trading is at your own risk and should be evaluated daily.
In external prior cycle work I have the following turn dates:
EURUSD - Sell August 18
GBPUSD - Buy August 16
USDJPY - Buy August 15
USDCAD - Buy August 23
Based on this I would look to Buy any shallow dip in the EURUSD leading into the middle of next week. I would be careful of the rally not equating to a significant move. One difference between the count in this period and in last was last period we were in a downtrend and that was a bounce that established the most recent low and the HIGHER LOW of the current uptrend. Here we are in an Uptrend and it would make sense that we might have a HIGHER LOW that is not as deep as the previous dip.
As always - Predicting the Future is not possible and all trading is at your own risk and should be evaluated daily.
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