EUR/USD Short Trade (#3)

I am making a short entry @ 1.5765, stop @ 1.5795. My initial target is 1.5350.

There is a nice 5-wave decline from 1.5895. It seems that now price is correcting that move with a double-three (3-3-3). WaveC will not be complete until it forms a third wave up, breaking thru the WaveA top.

I am looking at the 1.5765 range as potential resistance for several reasons:
  • 1) the Monthly M3 pivot point resides at 1.5762
  • 2) the 61.8% fibo is at 1.5767;
  • 3) if WaveC = 1.618*WaveA (a common relationship), WaveC would end at 1.5774.

My stop is above the Wave2 high.

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