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A corrective growth is ending

18 August 2016, EUR/USD

The price is moving up, although the overall picture looks bearish. Our wave frame has changed again. We should not exclude that now zigzag is developing as the wave 2 of the downward momentum. The wave 1 has apparently taken the form of a wedge with truncation repesented by the fifth wave. By now, development of correction zigzag looks completely finished, so soon impulse decline may start. However, since we have no evidence of a reversal of the price downward, we should not open trades now.

In this situation, we should wait when the price starts a steady decline.

Vasiliy Lukin
FreshForex Analyst
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