Wave pattern on the H4 chart:
The last wave of this scale is in the downward trend of the daily timeframe. A preliminary calculation allows you to wait for the continuation of the price decline with at least 3 price patterns.
Wave pattern on the H1 chart:
Since October 5, the rising wave is formed. It has no turning potential and will take the place of correction in a larger model.
Wave pattern on the M15 chart:
Rising wave continues from October 26. The preliminary completion zone is within the nearest resistance and the probability of further lengthening up to the next reversal zone remains.
Recommended trading strategy:
The small expected potential for price growth and the flat nature of the movement make risky purchases. It is recommended to refrain from trading and wait for the completion of the current recovery.
Resistance zones:
- 0.7340 / 0.7390
- 0.7170 / 0.7220
Support areas:
- 0.7060 / 0.7010
Explanations to the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal..
The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
