EURGBP Why don't trade wave e of a Triangle

Hi all,

I still expect that EURGBP is stuck within a triangle formation and we might expect a thurst from this triangle to the downside. Check my previous post.

Now let's look at the 1h Chart.
Wave A, B, and C are ready. Wave D might end soon (abc correction) with wave c building "small" Ending Diagonal Triangle. This might lead to an impulsive wave e.
The "small" EDT is contracting and we see a bullish divergence. Good Risk reward Ratio.

Bear in mind: The following wave is expected to be impulsive and might finish the triangle. Be ready to sell afterwards since the sidewards movement will end and lower prices are expected.
So, I am LONG for the very short term.

Cheers,
Merakshi

עסקה פעילה:

Resistance broken.

הערה:

Looks very impulsive. I expect a setback and this might be an opportunity to invest in the next Impulse to the upside.

הערה:

First Impulse accomplished. I expect a setback to the marked area. If the setback is corrective, expect another (stronger) Impulse to the upside. Could be an opp to go long.

הערה:

Wave a is accomplished. Now we are waiting for a retracement in b.
I have raised the target of wave c which might be the end of the triangle.

הערה:

Wave b might be accomplished.

הערה:

Trade ongoing. Previous resistance might act like new support.

העסקה בוטלה באופן ידני