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EUR/USD Builds ABC Correction after Completing Wave 3

August 16, 2018 09:38

EUR/USD

4 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD is building a bullish pullback after a strong bearish momentum, which is probably a wave 3 (blue). The correction could therefore be a corrective wave 4 (blue) pattern as long as the price stays below the 50% Fibonacci level. A break above the 50% Fib makes a wave 4 less likely. A bearish bounce at the Fibs could see the price make a new low as part of wave 3 (purple).

1 hour

Source: Admiral Markets MT5 with MT5SE Add-on EUR/USD motive wave

The EUR/USD seems to have completed 5 waves (orange) within wave 5 (green) and the price is now building a potential ABC (green) correction within wave 4 (blue).

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