Massive buy from the EUR last week and I am seeing divergency in almost every time-frame so it is definitely overbought.
As per my count, I am now seeing a clean and clear impulse up now as per rules and guidelines, along with Fib extensions hitting - please see summary below.
1. Wave 2 and 4 - Rule of alternation has been met with wave 2 being a running flat and wave 4 a ZZ.
2. Wave 3 extended to 2.618% (Meets Fib extension guidelines)
3. Wave 5 looks like and which signifies a terminal move so I'm expecting a BIG wave 2 retracement to close the gap!
Lets see what happens for the rest of 2018 - Good Luck!
A triangle is looking clearer now and so I am expecting a wave E to complete then a 5th wave rally before dropping.
Let's watch and see!
In addition to the count, there is a triangle sub wave 4 + divergence in almost every timeframe indicating EUR is overbought so I've gone short at the top as per my count.
Let's see what today brings as it seems to be dropping nicely.