Nov. 9th – EURUSD

On the intraday chart, we are looking at the price action from the recent bottom, labeled y on the daily chart. We want to see a 8 wave move up from the bottom so we can have more confidence that indeed y is in place, and the trend up has resumed. At the moment, the price is finding resistance in the cloud at this timeframe and it will have to break this resistance. Move from (2) up is not really that impulsive for a wave 3, so we might have a (1)-(2), 1-2 forming. Alternatively, as the move from red ((a)) down is clearly in 3, the recent bottom might not yet be the bottom for (y). I have added the red labels that sees the current moves as an expanded Flat, working on ((C)) and expecting another low after that to complete (y). It could even be a triangle forming for ((B)) starting from red ((A)) where we see another wave down for ((C)). So for now, we only have a 3 wave move up, so we will have to wait until we see our 5 waves up or one of the alternative patterns being formed. Best to stay on the sideline.