(F) EURUSD: The Fractal Effect Says The Next Move Is Down.

Three days ago, I posted this post where I suggested that fractals could tell us where prices were headed and what to expect next:
Here's the updated Daily chart. In this updated chart of EURUSD, you can see that prices did EXACTLY that. Right to the tee! This was what the previous fractal said it would do. And it did. Pay attention to that upper TL. That TL is the extension of the bottom TL of the first larger fractal. It is also the mirror line separating the two fractals. It is an important TL and you can see how prices kept hitting off of it over and over again. And it just did it again. And it will still have a role going forward. Mark my words.
8HR CHART
In this 8HR EURUSD chart, you can see clearly how prices rose up to hit that upper TL and was subsequently rejected. That upper TL combined with a lower TL set by prices earlier in the trend combined to create a trading channel upwards. I am now expecting that prices will now reverse back down to that lower TL before we see another sustained move up. I see the recent weekly trend up as the wave (W) of a complex WXY wave up of the larger overall wave (C). This move down I am expecting will be the wave (X) of that WXY.

This move up to hit that upper TL also completed a POTENTIAL Bat that was waiting. This coming drop back down should also at the least hit the TP1 of that bat. And it may very well also hit the TP2.

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