USDPEN s/3.70; Bitcoin $42669; Gold $1947; Oil 103.31; EUR/USD $1.0887
This is a monthly bar chart of EURO/DOLLAR going back to the 1.6038 2008 all-time high. The pair has been on a downtrend since and so far it doesn’t look like it is done. The structure can be counted as a zigzag or part of a double zigzag as I have labeled which is yet complete.
This is a weekly chart going back to the 1.0340 2017 low. Technically, Cycle Degree D isn’t complete—reason for dashed trend lines. A, B, C and D need to be done for the trend lines to stand. Note that this D wave is approaching the 1.0636 March 2020 low. Wave D of triangles usually retrace most of Bs as here. They cannot, however, go past their B wave points. If so, the count is invalidated. Although, chances look good. Cycle D is basing now in ending contracting form. Let’s see if price breaks Cycle-D’s Intermediate degree channels.