Elliott Wave Analysis: Further Downside Expected in EURUSD
Hello Traders,
EURUSD has broken below Nov 1 low (1.13) and now the pair shows a 5 swing bearish sequence from Sept 24 high (1.1815), favoring further downside. Short term Elliott Wave view suggests that the move higher to 1.15 ended black wave ((2)). Internal of wave ((2)) unfolded as a double three Elliott Wave structure. Wave (W) of ((2)) ended at 1.1455, wave (X) of ((2)) ended at 1.135, and wave (Y) of ((2)) ended at 1.15.
Black Wave ((3)) is currently in progress lower and the subdivision is unfolding as a zigzag Elliott Wave structure where blue wave (A) ended at 1.1215. The internals of blue wave (A) unfolded as 5 wave structure. Down from 1.15, red wave 1 ended at 1.1411 and red wave 2 ended at 1.1447, red wave 3 at 1.1327 and red wave 4 pullback at 1.1360 peak. Down from there, it ended red wave 5 of blue wave (A) at 1.1215.
Near term, it is currently correcting cycle from 11/07 peak in the sequences of 3-7 or 11 swings in blue wave (B) and while rally fails below 1.15, expect pair to extend lower. We don’t like buying the pair and prefer selling it in 3-7 or 11 swings against 1.15 peak.
EURUSD has broken below Nov 1 low (1.13) and now the pair shows a 5 swing bearish sequence from Sept 24 high (1.1815), favoring further downside. Short term Elliott Wave view suggests that the move higher to 1.15 ended black wave ((2)). Internal of wave ((2)) unfolded as a double three Elliott Wave structure. Wave (W) of ((2)) ended at 1.1455, wave (X) of ((2)) ended at 1.135, and wave (Y) of ((2)) ended at 1.15.
Black Wave ((3)) is currently in progress lower and the subdivision is unfolding as a zigzag Elliott Wave structure where blue wave (A) ended at 1.1215. The internals of blue wave (A) unfolded as 5 wave structure. Down from 1.15, red wave 1 ended at 1.1411 and red wave 2 ended at 1.1447, red wave 3 at 1.1327 and red wave 4 pullback at 1.1360 peak. Down from there, it ended red wave 5 of blue wave (A) at 1.1215.
Near term, it is currently correcting cycle from 11/07 peak in the sequences of 3-7 or 11 swings in blue wave (B) and while rally fails below 1.15, expect pair to extend lower. We don’t like buying the pair and prefer selling it in 3-7 or 11 swings against 1.15 peak.
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