EURUSD
has recently drawn a clear and complete Elliott wave pattern. Waves 3 and 5 have perfectly reached their objectives, as well as wave C.
The ABC corrective pattern is complete and the price is now consolidating below 1.20.
The Elliott Wave indicator is now pointing out 2 scenarios:
- a bullish wave 3 in progress
- a bearish wave 4 in progress
The bullish trend is not over with an awaiting S13 exhaustion point to come
The required level to complete the countdown is above 1.1936.
It also matches with the current wave 3 target and the target of the broken Supply line (Level 1)
If we reach this price level, this would mean that bearish wave 4 could then:
- turn into bearish wave 2 if closing price stay below 1.1936
- vanish if we have a daily close above 1.1936
Therefore, this 1.20 level will be critical in determining the next step:
If we break the 1.20 resistance, the next target will be 1.226
Otherwise, the bearish target will be around 1.14
Best!
MATHR3E