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Bearish Double Zig Zag in EUR/GBP 4 hours chart
Thursday, March 23, 2017 14:17
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Trend is bearish in four hours chart. Important resistance is present at 0.8735 price level. Price is most likely going to drop more towards 0.8555 price level to print bearish Wave a leg which is part of a second bearish Zig Zag Elliott Wave Pattern. In my opinion, Double Zig Zag is probably going to appear now on price chart.
A trading idea is to take a sell trade at wave b termination point and join the down trend to ride Bearish Wave Y leg. However; if price breaks above 0.8735 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/GBP 4 hours time frame.
Source: http://fxinstructor.com/blog/bearish-double-zig-zag-in-eurgbp-4-hours-chart
