Zoom it out opens offen a better view.
When something appears to be to easy, something is usually very wrong is my golden rule.
It takes a be bit be artist and mathematician at the same time to chart currencies, like with EW, you need to be able to visualize theory and patterns with all the prospects and alternates it offers with all mathematical details and with plenty of different timeframes but once and a while or in fact very often it then offers very profitable trading setups as it has done during this week also.
However, to take some distance and steps away again from the 1, 5 or 15 minutes scalping room, I think this double ZigZag is coming to the end with +1.3100 bottom test. Price reversed allready from 1.3125 around 60 pips – which is only 10 pips higher as last week 1.3115 major 50 % bottom test. There´s still more room to ZigZag and all patterns tends to run and overshaken to the very end before breake, but this pattern will be skew to the very end in next few days, so it´s pretty short time lived in here.
Be aware of this possible developing pattern with Eur-Usd and compare it to my 60 minute channel EW chart or to your´s own. My EW draws still double ZigZag in 60 minute chart as alternate which would pinpoint 61.8% touch – either the case is, both would be bullish on future again because we would be dealing with last C wave here unless we will enter for triple ZigZag. However, these waves comes from somewhere else, they do not come and look so easy as do in the books. What has came down, looks very much as impulse now in 15 minute chart.
If you ask am I bullish or bearish with Eur-Usd, it depends of which timeframe you´re referring to, but I don´t think I am going to short this 50% pattern line.
Have a good weekend, I am off tomorrow, still trading asian market hours today, but propably not posting. It´s time to leave something for you to think about it with these charts.
