This pair is tricky to trade no doubt and this possible triangle has been annoying me for quite some time. I still believe, that it IS a triangle (or will be) and from the Elliott Wave perspective, I think it can only be either B wave, 4th or X wave - meaning that the outcome will be the same - higher. And as this one is on daily chart, we are talking about at least 400pips higher. But first it has to complete and break the upptrendline.
So in conclusion - I favor the upside from here on until we reach Target 1 area, then a pullback and after that a final, decisive break to the upside. Time will tell if this one plays out.
So in conclusion - I favor the upside from here on until we reach Target 1 area, then a pullback and after that a final, decisive break to the upside. Time will tell if this one plays out.