Ok. So here is some combination of analysis using Price Breakout pattern scanner and elliott wave trend. Firstly this analysis is subjective to probabilty becuase we start this analysis with 87% Structural Score of Wave .12345. It is marked in the Cyan. So you can spot them in the chart.
Before my analysis Price Breakout Pattern Scanner detected rising wedge automatically. Well, so it give me clue of Wave .12345. Since rising wedge can associate with wave .12345 often.
Given the 87.5% structure score, it seems EURUSD had a right reaction so far.
Of course, one correction will follow one impulse. So it is not difficult to guess that we could have the correction.
What matter for our trading is to look for where EURUSD can land in the future. This is probably the most difficult prediction but most useful predition.
To get some clue, we have extended the location of Wave A to the right. We are around 110 pip aways from this Wave A projection.
Remember that this analysis performed with 87.5% Structural Score. In the course of market progress, market can form better scenario since Market (or universe) love the most efficient way (or path). If they found an alternative path with more efficiency during the course, then they will follow such a path. For now, this is good guess for the given the information.
Use this information at your own risk.
Here are some technical tips. Diagonal support passing wave 4 was identifed in Renko chart first.
- Draw the line in Smart Renko, then double click the line. It will be automatically copied to your main chart. Adjust the line in renko to aline them corrently in your main chart.
- To get label for Wave .12345, click impulse button, then click blue circle in bottom window. It is automatic. Then click draw button to check Structural score.
- To use price breakout pattern scanner + Elliott Wave Trend, apply price breakout pattern scanner first, then apply Elliott Wave Trend
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