EURUSD Weekly outlook 19th – 23rd September 2016

After going through the same charts and waves week after week, there is a chance that we could lose sight of the bigger picture. Getting glued to Daily and below timeframes is a common habit for most retail traders including myself. But its ok, as long as we don’t lose sight of the bigger picture.

So here is the top-down analysis and wave count summary of Euro-dollar, starting from the monthly chart down to the hourly chart.

EURUSD Monthly

eurusd-m-recap-long-term-view-forecast-19-09-16-weekly-outlook

Supercycle (green) Wave-3 of 12345 Impulse
Cycle (blue) Wave-3 of 12345 Impulse
Primary (yellow) Wave-4 of 12345 Impulse
Trend Bearish

EURUSD Weekly

eurusd-w-recap-primary-wave-4-forecast-19-09-16-weekly-outlook

Primary (yellow) Wave-4 of 12345 Impulse
Intermediate (purple) preferred Wave-D of ABCDE triangle
Intermediate (purple) alternate Wave-C or Y of ABC or WXY 3-wave
Trend Sideways

 

EURUSD Daily

eurusd-d-recap-wxy-triangle-dwave-forecast-19-09-16-weekly-outlook

Intermediate (purple) Wave-D of ABCDE triangle
Minor (green) Wave-Y of WXY double-three
Trend Sideways – possible beginning of bearish wave-Y

 

EURUSD H4

eurusd-4h-recap-wxy-triangle-dwave-forecast-19-09-16-weekly-outlook

 

Minor (green) Wave-Y of WXY double-three
Minute (blue) Wave-W of WXY double-three
Minuette (yellow) Wave-C of ABC ZigZag
Trend Bearish impulse wave-C

 

EURUSD Hourly

eurusd-h-recap-wxy-triangle-dwave-forecast-19-09-16-weekly-outlook

 

Minuette (yellow) Wave-C of ABC ZigZag
sub-minuette (purple) Wave-3 of 12345 Impulse
micro (blue) Wave-3 of 12345 Impulse
Trend Bearish impulse wave-3

 

Conclusion

Apparently the sentiment seems to be bearish on multiple degrees across multiple timeframes. So it might be a good idea to look for shorting opportunities and trade setups only. At least until the triangle wave-D in the weekly chart is complete.

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