This is new feed for Volume Spread Analysys that have come from Infinity
Futures Ltd and I hope it is a rather very good data provider.
Anyway, there are two main scenatios for EURUSD now, and the difference
is in placement of possible ent of wave (2) that is either finished OR
latest leg down is a wave (b) of (a)(b)(c) Irregular Flat:
SCENARIO 1: Main on H4 TF – Impulsive bearish wave progression continues wirh wave (1) and (2) done already and the price is in the first staged of making wave (3)
SCENARIO 2: Alternate H1 TF – Wave (2) has not been finished yet and recent leg down is abc of wave (b) of larger cycle Irregular Flat Wave (2) correction. To confirm this outlook , price must go above 1.3000 level and then break the Weekly Pivot level as well.
1.2984 – Swing Low
1.3041 – Weekly Pivot
1.3087 – 23%Fbo
1.3097 – WR1
1.3101 -1.3111 – 38%Fibo/Agressive Sell Area /Previous wave Four Area/WR1
1.3206 – WR2
1.3251 – 1.3265 – WR3/Key Resistance Area/ Clessic Sell Area
Buying is preffered only if channel is broken and previous wave 4 area with round nuber 1.3000 is broken and tested as well. Otherwise go with the flow and sell this area.