In the LAST UPDATE on this currency pair, I wrote about a long term bearish bias. I also mentioned that in the hourly charts we might see some bullish move (especially if the rising trendline is not broken downside) before the bearish trend resumes.
A double zigzag correction to 1.65 was expected though the 'B' wave pattern of the zigzag was not so clear.
The 'B' wave now seem to form a triangle.
Price is expected to break above 1.571 to confirm the triangle formation.
In order for the triangle pattern to hold, price should not break below the ACE support line of the triangle.
Triangle patterns , according to elliot wave theory usually precede the end of a trend or correction. The formation of this triangle could mean that the correction upside is not over yet.
A double zigzag correction to 1.65 was expected though the 'B' wave pattern of the zigzag was not so clear.
The 'B' wave now seem to form a triangle.
Price is expected to break above 1.571 to confirm the triangle formation.
In order for the triangle pattern to hold, price should not break below the ACE support line of the triangle.
Triangle patterns , according to elliot wave theory usually precede the end of a trend or correction. The formation of this triangle could mean that the correction upside is not over yet.
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