Traders see 99% chance of September rate cut
New price activity on EUR/GBP is showing us that bullish impulse since mid April is still in play and can be now trading in final stages of blue wave c of B. That said specifically we see price trading within minor wave iv), which is showing us properties of a triangle correction that can after its completion push pair higher into minor wave five.
EUR/GBP, 4H
A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination.
Basic Triangle Pattern:
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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