IMPORTANT: If you like what you see or it in any way helps you please be kind and share, tweet and/or like. I spend hour working on and posting these charts for free, it takes 30 seconds for you to show your appreciation with a share, tweet and/or like. Doing this lets me know that they are useful and I will continue to post in the future. Thanks
Although my "Y" wave triangle I post on the 4 hr chart last week did not pan out, the end result was the same. I was looking for a final low for the ending diagonal C wave for B before a larger bounce. I am watching smaller time frames here to see if this bounce turns impulsive from the lows. A long against the 1.3120 lows would be sweet risk/reward with a target of 1.8848. (Not trading advise, just saying.)
Note the triple divergence on the weekly chart. If this holds we could see a spike higher over the coming weeks.
Well, I am using the old (Y) wave triangle trick again and it looks nice. I believe wave 4 of the Ending Diagonal that I am showing on the weekly chart ended at 1.46648. Since then we have 5 waves down and an ABC Flat that is stalling around the previous fourth wave and 38.2 fib.
I think shorts against 1.46645 would be safe but a better play would be to wait for the 1.40127 low to break and short against the high of wave (ii). IF the retracement were to each the 61.8 fib then a short against the 1.4665 high would be a nice risk/reward with the target of 138.00 to 136.00.
AGAIN, please keep in mind these are just my thoughts and not trading advise.
P.S. - After seeing this Y wave triangle I need to talk another look at AUDUSd and EURUSD.
The #EURUSD looked like it was ready to bust through that 1.10979 level and take out the idea of a "C" wave up to complete wave (b). Almost as fast as it dropped it jumped right back up and we are looking at "C" up to complete the (b) wave again. Another option that just popped in my head as I was writing this is a b wave triangle I am showing on the 4 hr chart. Since this is a three wave move down for D of a larger triangle it is certainly possible. I have no intentions of trading this but if you are long your best option for a stop is 1.11310. If you are short then it would be 1.14156 or even higher at 1.16166. Staying away...