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EURUSD: Bullish Contracting Triangle In Progress

Currencies / Euro Sep 30, 2013 - 03:00 PM GMT

By: Gregor_Horvat

Currencies

EURUSD accelerated to the upside in the last few hours from the lower side of a trading range. As such, with the latest time we see triangle as the best labeling in wave four, but we still need wave (e) before pattern is complete. Ideal support zone for end of wave (e) comes in at 1.3490-1.3510 region. If we are correct then we will see more impulsive ride on Euro in this week.


EURUSD 1h Elliott Wave Analysis

Triangle Elliott Wave Pattern.

Triangle Pattern is a common 5 wave patterns. Generally Triangle is labeled A-B-C-D-E that moves in counter-trend. Triangle is corrective in nature. Mostly triangles move within two channel lines drawn from waves A to C, and from waves B to D.

In Elliott Wave Patterns, a Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding.

If the channel lines are converging, then the Triangle is called Contracting Triangle. And the channels line are expanding then this type of Triangle is called Expanding Triangle.

Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

Contracting triangle

  • Contracting Triangle has 3-3-3-3-3 wave structure.
  • Each subwave of a triangle is usualy a zig-zag
  • Wave E must end in the price territory of wave A
  • One subwave of a triangle usually has a much more complex structure than others subwaves
  • Contracting Triangle appears in;
    • Wave four in an impulse wave
    • Wave B in an A-B-C Correction
    • Wave X or wave Y in a double threes
    •  Wave X or wave Z in a triple threes

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2013 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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