![]() ![]() The analysis also suggests the potential for a Motive wave pattern with wave (3 of red wave 5) following the completion of the corrective wave. Corrective waves can be challenging to navigate, as they involve identifying potential reversals and require cautious risk management practices. ![]() It is essential to note that the wave count provided will lose its validity if the EURUSD price falls below the level of 1.08337.Īs of the specified date, 28th July 2023, traders in the EURUSD market should closely observe the counter-trend corrective movement and wait for confirmation of the end of subwave Wave "2" before considering potential trading opportunities. Traders and investors are advised to closely monitor these price levels as they could act as potential turning points or targets for the corrective wave. Subwave Wave "2" is expected to conclude around the Fibonacci level of 78.60, with confirmation for the start of subwave wave 3 of 5 at the level of 1.11499. The analysis provides further details, indicating that a corrective Wave "2" is currently in play. The projected direction for the next higher degrees is wave (3 of red wave 5) of a larger Motive wave pattern. The current structure is recognized as corrective wave B of 2, with the position of the price wave designated as Red wave 5. The function of the price movement is identified as a counter-trend, while the mode is characterized as corrective. Dollar (EURUSD) pair is analyzed using Elliott Wave theory, revealing a counter-trend movement with a corrective mode. ![]() On 28th July 23, the 4-hour chart of the Euro/U.S. Subwave Wave “2 ” is likely to end at fib level 78.60, subwave wave 3 of 5 confirmation level 1.11499. EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 28 July 23,ĭirection Next Higher Degrees: wave (3 of red wave 5) of Motiveĭetails: Corrective Wave “2” in play. ![]()
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