Price has gone nowhere and looks as if it could be forming a triangle - and let's not rule out a flat correction… Thus it looks like we shall see more consolidation at least in the 1,560-1,625 area before this finally begins to decline in Wave -c-.
The downside failed to follow-through once again… Obviously really frustrating and it seems as if we may remain in this mode for a while longer since, as things stand now, this is beginning to look like a triangle which will imply Wave ^c should reach the 1,623.86 area and then decline in Wave ^d to around 1,561.98.
What we shall also have to keep in mind is the potential for a flat correction which could be seen if the 1,555-60 area breaks...
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.