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Short for now

Short for now | 22 May 2023

22 May 2023, EUR/USD

EURUSD has been bearish since last week, The market has completed the formation of the impulsive (V) wave pattern and is currently in the process of forming the minor corrective ABC pattern. Furthermore, by referring to the chart provided, we can observe the formation of a descending channel from the beginning of the major impulsive wave (I) at 1.1091 to the end of the major impulsive wave (V). This descending channel suggests a potential bullish reversal pattern. Therefore, our plan is to wait for the market to complete the formation of the corrective wave B and provide us with bullish confirmation signal before entering buy trades.

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Short for now

Bob Stan
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