EURGBP seems to be developing a Running Triangle in Minute IV (red) position, with its sub-wave Minuette (e) (pink) remaining and not yet finalized.
Should EURGBP reverse to the up-side in a ''three", then the converging and the possible triangle connecting line from Minuettes (a) & (c) would be closely watched for possible sell set-ups.
Scenario would be invalidated if a sharp bearish move would occur beyond Minuette (b) of the Running Triangle.
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possible bounce off the connection line of the triangle, to be watched further
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EURGBP bounced off the lower converging line from the Running Triangle. Up-side should reflect a ''three''.
Wave Count has been revised as time cycles do not agree with the triangle forming in a IV wave position because it takes too long and Law of Alternation comes in with time-wise conflict.
We are currently in a Minor B from a Larger Degree (bigger correction) Intermediate (Y) from the overall Primary B Complex Correction.
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Primary Degree Correction:
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still Bullish:
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EURGBP could start a Bullish Wave, 0.88 should be watched closely for possible Support.
i think that not good because it's not "right look" ...... if we use time or fibo time, wave 4 is so long!
Lionheart-EWA
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@erqw, Thanks for your input, however, you should consider that this pattern could reflect a B or X wave within a bigger 4 or B. Time will tell. Thanks
erqw
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@Lionheart-EWA, understand, no problem if it's B wave, but 4 wave, it's not good.
Lionheart-EWA
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@erqw, Revised accordingly, overall you are right, time-wise this triangle takes too long to be considered as a IV so it's not. It's a Minor B within an Intermediate (Y) from the bigger Complex Structure in Primary B
erqw
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@Lionheart-EWA, i'm happy when you agree.... i'm trying to count elliott wave, very confuse between 1-2-3-4-5 and A-B-C.... if we count wrong between them, the picture is very differrent, and they get our to nightmare.... thank your chart and your analysis.