Analysis of wave counting:
Yesterday, in the conditions of low activity, the currency pair EUR / USD held within a fairly narrow price range and completed trades near the level of the 23rd figure. The wave situation, which has not undergone serious changes at the same time, suggests that the currency pair has made attempts to transition to the stage of formation of the first generating waves in the future wave 5, 5, A, (C). At the same time, the probability of forming a corrective wave 4, 5, A, (C), form of a more oblique triangle in time, still remains relevant.
The objectives for building a downward wave:
1.2224 - 38.2% of Fibonacci
1.2127 - 50.0% of Fibonacci
The objectives for building an upward wave:
1.2500 - 1.2600
General conclusions and trading recommendations:
The construction of an upward wave A, (C), continues, whose internal marking continues to become more complicated. The correction wave 4 assumes a rather complex form and continues to build with targets located near the calculated marks of 1.2224 and 1.2127, which corresponds to 38.2% and 50.0% of Fibonacci. An unsuccessful attempt to reach the mark of 1.2224 may lead to the withdrawal of quotations from the minimum reached and to the completion of the wave 4.
