11 March 2016, EUR/USD
The wave patterns are easier to read on larger timeframes, so I would like to start by looking at the weekly chart. After a rather long-term growth, which began in late 2000 and ended in July 2008, the pair went into a downward correction, which we observe now.
What is the reason for such a long flat across the weekly schedule?
In my opinion, growth from 2000 to 2008 was not impulse but had a corrective nature.
Simple zigzags are known by the property to be a part of more complex models such as double and triple zigzag, double and triple three, triangles, wedges and diagonal triangles.
In this case, we face formation of a double zigzag, as part of a wave w .
Now, perhaps, the wave-sheaf x is being formed, which takes quite a sophisticated view of the double three.
The model is in the final stage.
4-hour chart gives the same situation
At the moment, the wave [v] end of the diagonal triangle is being formed so in the short term you can try to open long positions, as the probability of reaching of a new local High is great