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Weekly chart suggests a durable flat, where you can buy

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.

Weekly chart suggests a durable flat, where you can buy!

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

Weekly chart suggests a durable flat, where you can buy!

Vasiliy Lukin
Analyst of «FreshForex» company
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