The bottom of the yellow dashed channel is a hypothetical neckline and the top of the channel is a hypothetical right shoulder for a symmetrical pattern. This would be a comically slanted head and shoulders top, which would signal more than typical weakness. However, it doesn't really look so unreasonable with ballpark estimates like Fibonacci extensions or the channel drawn off the top. Really though, you could draw a horizontal line at 1.420, which we've already crossed, and it would still be a very valid looking pattern.
Fifth waves have notoriously unpredictable durations; their only requirement is to move past the third wave's extreme. We've done that, so just about anywhere from here is a reasonable temporary stopping point. But so far there is no sign of divergence within the fifth wave, and that's what I'll ultimately be looking for.
My ballpark guess is that we'll stop south of 1.41 on the Euro, and north of 76.00 on the Dollar Index. I'm not trying to sell the top tick though, and even now I've made enough so far that I'll be able to double up my position on a reload.
 |
| EUR/USD Hourly |
 |
| Dollar Index Hourly |