ORBEX EURUSD: Was This The End Of The Zig-Zag Correction?
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It looks like the primary W,X,Y zig-zag wave ended the longer-term bearish cycle correction starting on February 2018.
Minor 5 of Primary Y wave ended with a diagonal triangle at 1.09275 level, which is the 1.618% FE of the 1.14-1.12-1.128 triangulation.
Since prices broke outside the top of the triangle pattern and remained trading with a bullish rather than bearish bias (i.e. remained outside the pattern), the current structure could be a corrective minute wave 2. Should this scenario be supported by a higher break above 1.11, further upside could be seen, with next short-to-medium-term stops at 1.1285 and 1.1355.
The current structure hints to an ascending triangle correction, the top-break of which would suggest a continuation to the upside.
Although a decline to lower levels than the 61.80% FR at 1.0997 could weigh on bulls, the invalidation for the bullish scenario would come true only after a weakening of the 1.09275 market low.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Minor 5 of Primary Y wave ended with a diagonal triangle at 1.09275 level, which is the 1.618% FE of the 1.14-1.12-1.128 triangulation.
Since prices broke outside the top of the triangle pattern and remained trading with a bullish rather than bearish bias (i.e. remained outside the pattern), the current structure could be a corrective minute wave 2. Should this scenario be supported by a higher break above 1.11, further upside could be seen, with next short-to-medium-term stops at 1.1285 and 1.1355.
The current structure hints to an ascending triangle correction, the top-break of which would suggest a continuation to the upside.
Although a decline to lower levels than the 61.80% FR at 1.0997 could weigh on bulls, the invalidation for the bullish scenario would come true only after a weakening of the 1.09275 market low.
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Note
Deeper correction to 78.6% FR but the idea is still alive above 1.09275Note
Fresh low could bring another wave down closer to 1.07
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