Elliott waves analysis – Still short


Still short

Wave Analysis

During the previous trading day, euro declined perfectly as previously forecasted but ended up closing at 1.18088, several pips above it’s lowest low. The previous day’s candle is a near perfect bearish exhaustion candle, and it could mean the buyers are coming in. We’re waiting for a clear sign that the sellers are clearly exhausted so that we cane pick a low risk buy opportunity, however, as long as the price remains below 1.18580, we expect both the impulsive waves (v) and (c) to continue to the lower side with an ultimate target at 1.16.

Trade Recommendations:

We’re still short with an ultimate target at 1.16

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