#Eurusd $eurusd #Trading #elliott wave

I have been recalibrating my momentum studies and representations of trend cycles to provide an overview of the rolling Elliott Wave count as I see it. I definitely do, so readers should unequivocally accept as well, that this is my interpretation of matters. As such, the '1+2=3' syndrome represents my biases: are the MyWaves and momentum cycles actually representing the Elliott Waves, or am I retro fitting. I don't know, but this is a circular argument!!

Leaving that aside, I am unquestionably bullish on the next big step for EURUSD and that is up. However, I'll only get to look back at that in the future and I don't trade big waves anyhow, as readers will know; I am quite happy to trade all waves intraday. So here is my big count on the daily chart, incorporating a 5 year trending MyWave, with each band accounting for a year (with the first year being the thin red line). That is a big cycle retracement going on with price now pushing the 5 year MA band, but the Elliott Wave count continues to argue that we are in the final throws of a 'c of B' down. Now, on a 5 year trend, one would expect any turn to be spikey, so I have been setting myself up to drive down into that low and then reverse for the launch towards 1.4416, where big orange A-B gets to 100% extension at C. Note also that we are bouncing around the 50% retracement band of the rolling 5 year hi/lo channel, with momentum in the oversold zone. At least worth attempting to catch a ride up, me thinks, even if it fails in due course.

Following on to the smaller 288minute bar chart, MyWave now represents the yearly trend (the gold outside MA, accounts for 240days of rolling price action, with each band stepping down in 2 month gaps). No guessing that the trend has been down since the May high, and I have matched the momentum cycles to the EW counts, the best I can - it has been very messy of late, which I am taking to back up my conclusion that the market is setting itself up for a big launch up, having convinced everyone it is going down. Price has been pushing the rolling yearly 50% of the range channel, which is not a bad place to be looking for moves back up hill, but my count here suggests we may get to 1.3600 ish Monday/Tuesday and then drive down towards 1.3430-1.3310 - quite a range that, depending on which A-B equivalency we go for, and I'll be out of shorts early for sure to start buying into a turn, so the lower the better for me.