Wave pattern of the H4 chart:
The rising wave of August 15 sets the dominant direction in the short term. In the structure of the wave, the middle part (B) is nearing its end.
Wave pattern of the H1 chart:
The downward wave from September 20 is nearing completion. It looks like a standard plane and it became a correction in the model of the higher timeframe.
Wave pattern of the M15 chart:
The downward wave of October 12 completes the hourly wave model. The price is approaching the upper boundary of the potential reversal zone of a large scale.
Recommended trading strategy:
In the coming days, the probability of a change in the vector of price movement is high. In the area of support, it is recommended to track the purchase signals of the instrument.
Resistance zones:
- 1.3110 / 1.3160
Support areas:
- 1.2940 / 1.2890
Explanations of the figures:
A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). For the analysis, the 3 main timeframes are used. The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.
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 movement.
Attention: 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.
The material has been provided by InstaForex Company - www.instaforex.com