EUR/USD looks like a BUY

The Euro may have made a significant turn here. According to the NEoWave count below EUR/USD just completed an Expanding Triangle.

• Time taken by wave (e) in the expanding triangle is equal to the time taken by { wave (a) + wave (c) }*
• Time taken by wave (d) = time taken by { wave (a) + wave (b) }
• Positive divergence in the RSI before this latest rally over the past 3 days
• Daily MACD has just given a buy signal, although there have been false positives before
• Weekly MACD has had no false positives so it should confirm the change in trend when it gives a buy signal. It has been a late confirmation though, not a buy signal.
• Price action will significantly increase the probability of the reversal above 1.30

If going long, use a stop-loss at 1.2622. Also note that large speculators have a record net short position. This could lead to a very sharp rally due to short covering.

This forecast may be slightly early. It is possible that EUR/USD makes another "panic" low, touching 1.25 before rallying.

* All similar coloured boxes are of exactly the same time duration

EUR/USD Daily RSI positive divergence before uptrend, MACD buy signal

EUR/USD Weekly MACD on the verge of a buy signal, RSI turned up from low levels

COT numbers show Large Speculators have an enormous Short position