In the last 2 years on the rising wave chart, the price has been moving down for the whole last month. By its potential, the downward movement is still within the scope of correction of the last section of the trend. We can not exclude the fact that in the near future it will go beyond this framework. This will mean the end of the entire bullish wave and the beginning of a new dominant trend for short-term price fluctuations.
At the end of last week, a hidden correction was completed. The current week started with a new spurt of prices down. The final part (C) of the wave has an impulsive character. The preliminary calculation of the target zone indicates a high probability of a downward movement of at least 2 price figures.
Today, at the current session, it is possible to flat. A short-term rise in prices to the borders of resistance is not ruled out. Then the price is waiting for the turn and the continuation of the decline.
The boundaries of the resistance zones:
- 0.7230 / 60
The boundaries of the support zones:
- 0.7140 / 10
Explanations to the figures: For simplified wave analysis, a simple type of wave is used that combines 3 parts (A; B; C). Of such waves, all kinds of correction are composed and most of the impulses. On each considered time-frame the last, incomplete wave is analyzed.
The zones marked on the graphs are indicated by the calculation areas in which the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a transaction, you need to confirm the signals used by your trading systems.
