I can see a clear completed corrective pattern for EUR/USD and on top of that EUR/USD reached perfectly the target where wave W=Y and where wave C=1.618*A.
Even though the structure is textbook what we expect from an Elliot wave point of view, it is still too early to say that the bearish trend has resumed until the prices manage to at least break the 0.99954 level. However, at the 0.98755 level we will have a clear confirmation that the corrective pattern is completed and our focus will be mainly to the downside.
If the pattern is indeed completed I am expecting the prices to travel all the way down to the 0.943-0.94 area.
There are 3 "simple" ways to go about this trade idea:
-> agressive: Enter at the break of 0.99954 with a stop at 1.00936
-> safe: Enter at 0.98755 with a stop at 1.00936
-> safe and patient: wait for prices to travel to 0.98755 and enter at a 0.618-0.5 retracement of the entire move down with a stop at 1.00936
While at least the 0.99954 level is not taken out, I would be extra careful with short setups.
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