My picks: stand aside for now
Expertise: Technical
Average Time Frame of Trades:
Trading above 1.4140 shifts odds in favor of the bullish count in which the decline from 1.4340 is an A-B-C correction that will be fully retraced. Under this count, the rally from 1.3750 is wave 5 of an ending diagonal from 1.2454. The rally from 1.3750 itself is unfolding as a diagonal and price must stay above 1.3887 in order to keep this count valid. The bearish count is not completely eliminated as no rules have been broken (see the alternate numbering) but its prospects are damaged given the time taken up by what would be wave ii. Event risk the rest of the week is high but that does not deter me from entering a trade. I'd like to see the pattern just prior to Thursday's events before entering.
