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EUR/USD. The development of corrective wave [4] is underway.

EUR/USD. The development of corrective wave [4] is underway. | 29 December 2023

29 December 2023, EUR/USD

EUR/USD. The development of corrective wave [4] is underway.

The updated wave labeling variant has received partial confirmation. The price, moving with momentum, slightly increased and updated the local maximum, then sharply reversed and moved downward. Possibly, the development of wave [4] has started in the considered ending diagonal triangle. If this is indeed the case, we will likely see the formation of a zigzag in the near future, approximately as indicated on the above chart. The potential movement appears insignificant, so considering this situation for trading is not recommended. It is advisable to wait for the moment when wave [4] completes and attempt to buy in wave [5] of v of v.

Investment Idea: Flat

Bob Stan
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