There has been some speculation this week over EURUSD, whether it's about to go up or down or sideways - here's my bet, I would like to ask the dealer to place it on "Red".
The uptrending structure that has been developing since Sept 23rd consists only of zigzags, it's a 7-wave structure so far, so the only thing that comes to my mind in terms of its interpretation is it's an a-b-c, with 'a' being a zigzag, and 'c' being an ending diagonal.
'b' retraced 0.886 of 'a', so the door is open for a flat correction with 5 waves in 'c'. My conclusion is - it's a flat, and it's about to be completed.
The uptrending structure that has been developing since Sept 23rd consists only of zigzags, it's a 7-wave structure so far, so the only thing that comes to my mind in terms of its interpretation is it's an a-b-c, with 'a' being a zigzag, and 'c' being an ending diagonal.
'b' retraced 0.886 of 'a', so the door is open for a flat correction with 5 waves in 'c'. My conclusion is - it's a flat, and it's about to be completed.