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Expect corrections anytime from now

Expect corrections anytime from now | 29 August 2017

29 August 2017, EUR/USD

Expect corrections anytime from now

Wave Analysis

Perfectly as previously expected, the impulsive wave (5) extended to the upper side and is still pretty much bullish both on the daily and the weekly charts. During this intraday, we still expect a possible extension of the impulsive wave (5( to the upper side but should not go beyond 1.22. In the meantime, we're waiting for a possible bearish correction of the impulsive wave (5) to rebuy this wave at the least risk possible. This bearish correction is highly anticipated since the intraday stochastic is already above its overbought level if 80 and will likely rebound to the lower side. This pair should be traded along side GBPUSD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bearish correction towards 1.1719

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Bob Stan
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