This is a forecast i have been looking at..The GBP/USD is shown breaking out at the bottom of the symmetrical triangle with the a Elloitt wave count Please note this is a drawing of a rough est. to not be used for trading only for evaluations...if you have ideas or information please add to the comments....if the GPB/USD is going this way then the EUR/USD is following.
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I changed my avatar photo to the Prime Meridian Greenwich England .. Price action is starting to look good again .
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Update: Price action looks to close on the top symmetrical triangle line that is drawn on the chart at 1.6158 area
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Price came close to but did not invalidate Structure E ....Price action has dropped 35 pips and is at 1.6275 at this time of this post...in my notes if GBP/USD keeps going down then the EUR/USD will follow . A rising wedge is forming on 1 day TF but is not mature yet to post it....Still price could go up and invalidate Structure E ...I hope not :+ )
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If price moves above 1.6308-10 then structure E will be invalid..... If price does go up the potential is considered limited to 1.6380 level....and if price goes up above 1.6746 the symmetrical triangle will become invalid. I am hoping for a sell to go to wave 5 as seen on the chart to 1.2585 area. Price at the moment of this post is 1.6251
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In the top chart there wasn,t enough room on the chart to make exact details of wave 5... or wave 1,2,3,4,and 5 are just an rough est. and is not measured with the the chart price points itself
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Summary on the bottom wedge and target area:The profit target 1.6276 was"invalidated" because of the break out point changed from the bottom wedge causing a new profit target at 1.6160 which was completed...this happened because when i post wedges before a break out happens the wedge may grow more before a break out happens then you will have to recalculate the profit target area from the break out point at the time of the break out :).... Word knowledge: " invalidated" defined as: Make (an argument, statement, or theory) unsound or erroneous.
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Here is another adjusted resistance for the top lineo of the symmetrical triangle at 1.6160 which shows on the top chart above at 1.6167 resistance these calculation are adjusted from the break out of the bottom wedge In this chart is an overview from the adjustment of the profit target or resistance of 1.6160 areatradingview.com/v/DyY05HXb/
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Note: The resistance on the symmetrical triangle is calculated by a bottom wedge pip move of a 290 pip move making the reisitance at1.6276 here is the wedge chart for that movepip move making the reisitance at1.6276 Here is the wedge chart 290 pip move https://www.tradingview.com/v/PtAIepXM/