Elliott wave analysis – Relevance up to 09:00 2020-10-28 UTC+3
We continue to track the triangle consolidation in wave Y/ of 2/. Within the triangle we have seen wave A/, B/ and C and is currently tracing out wave D/ towards the 124.65 – 124.75 area from where the final E/ is expected to take over for a dip close to 123.75. This should complete the complex wave 2/ correction from 127.08 and set the stage for a new impulsive rally in wave 3/ towards at least 129.82.
Ideally support at 123.66 will be able to protect the donwisde for a break above minor resistance at 124.15 indicating the next rally higher to the 124.64 – 124.75 area to complete wave D/.
We are long EUR from 123.55 with our stop placed at 123.35. We will take 50% at 124.55.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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