EURGBP Wave Count

FX:EURGBP   Fx Euro/Pound British
65 13 3
Wave Count for EURGBP             possibly

1. Primary wave 3 ( extended)

2. Intermediate wave 5

3. Minor wave 1

Komen: COT Data 13/06/2017

Euro - 74K - 79 K net long. Open interest 444k to 474K .

Pound - -36.7K to -39.4 K net short. Open interest 248k to 269 K.

The smart money is buying the Euro and selling the Pound with greater interest.
Have a look at where Pter shows the forming of a BULLISH BAT that supports your projection! Lots of luck!
Melchizedek Melchizedek
@Melchizedek, I'm still trying to learn how to post MY charts, here we go again...

Melchizedek Melchizedek
@Melchizedek, Since THAT POST worked, I'll add one more to show the Long Term UPTREND of the Euro, which the completion of the BULLISH PATTERN would have to break (slightly) to complete...

salsapete Melchizedek
@Melchizedek, I don't really get much out of the advanced pattern drawing. I do like seeing the channels , and I think they intersect at .8650 , which would finish the current abc pattern at the extreme of a wave 4.:) Bye the way ,, how do u insert your charts onto this post.... thanks ...salsapete
Melchizedek salsapete
@salsapete, I have had the most difficult time trying to post my charts under ideas, then I just took a picture with the little camera on the chart page, copied the hyperlink and pasted that hyperlink here in my post- I was surprised when it worked. Hope you don't mind me doing that, it's easier and more clear than just text to describe what I see.
Melchizedek Melchizedek
@Melchizedek, LASTLY; for those love to trade FLAGS with the flagpole measuring stick.... (I do)

salsapete Melchizedek
@Melchizedek, Thanks for the input..... Yeh Pter has entry at .8676...... I'm looking at between the monthly parity pivot and .382 retracement of wave 5. 1 = .8620 - .8640 before I get interested in this pair to trade to the upside. :)
Melchizedek salsapete
@salsapete, Since FLAGS like this one (with parallel channel lines) are a "Continuation Pattern" (most of the time) and when an impulse move leads INTO a FLAG like this, they tend (more often than not) to repeat after a breakout in the same direction when the flag is violated, and BY THE SAME AMOUNT as the incoming FlagPOLE. Often, the OUT pole is an impulse wave also. Since I LOVE catching impulse waves for a quick and low risk profit (very profitable, and they come with a target price built in to the pole) I NOTICE what leads into flags and often trade the outgoing pole too, especially when it aligns with other signals (like the current EWave direction).
Can the 5 wave be longer than the 3 wave?
salsapete Melchizedek
@Melchizedek, Yes, when waves 1 and 3 share equality , then wave 5 is extended......:)
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