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Wave pattern of the H4 chart:
The last wave of this scale is directed downward, completing the bearish wave of D1.
Wave pattern of the H1 chart:
On September 21, a new downward zigzag started in the direction of the dominant trend. In recent weeks, the correctional part (B) has been formed.
Wave pattern of the M15 chart:
The rising wave from October 5 is approaching the calculated resistance zone. In case of a breakout to the upper boundary, the wave will be elongated.
Recommended trading strategy:
The current rise is temporary and unpredictable. Purchases can only be justified with intraday trading. The rest should wait for the completion of the correction and look for signals to enter short positions.
Resistance zones:
- 0.7170 / 0.7220
Support areas:
- 0.7060 / 0.7010
Explanations of the figures:
A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (A-B-C). Three main timeframes are used for the analysis. The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a reversal.
Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits the expected wave motion.
Note: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need to confirm the signals used by your trading systems.
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