This is my Elliott wave idea about EURUSD.
An overview of EURUSD on 1-month chart.
I think the wave shown by the blue line is probably a WXY correction wave (Double zigzag).
Double Zigzag is a 3 wave structure but wave X connect first Zigzag (A-B-C) and second Zigzag (A-B-C).
so, first Zigzag is W wave, second Zigzag is Y wave.
Check out the chart, The sub-wave of the W wave (Blue) is first Zigzag.
First Zigzag's sub-wave (B) is the Running triangle.
and, The sub-wave of the X wave (Blue) is probably the Triangle.
If the assumption is correct, We are perhaps on sub-wave D (Red line) of the Triangle.
1-week chart
An overview of EURUSD on 1-week chart.
I think that we are on sub-wave D (Red line) of "wave X" shown on the Blue line.
The sub-wave of the sub-wave D is probably a Flat with extended (c).
When the sub-wave D is complete, the trend will switch to an up-trend.
If the assumption is correct,
The sub-wave D will grow to the levels of 1.14-1.11 (Fibonacci, 61.8-78.6%) .
In this scenario, the stop loss level is 1.19.
An overview of EURUSD on 1-month chart.
I think the wave shown by the blue line is probably a WXY correction wave (Double zigzag).
Double Zigzag is a 3 wave structure but wave X connect first Zigzag (A-B-C) and second Zigzag (A-B-C).
so, first Zigzag is W wave, second Zigzag is Y wave.
Check out the chart, The sub-wave of the W wave (Blue) is first Zigzag.
First Zigzag's sub-wave (B) is the Running triangle.
and, The sub-wave of the X wave (Blue) is probably the Triangle.
If the assumption is correct, We are perhaps on sub-wave D (Red line) of the Triangle.
1-week chart
I think that we are on sub-wave D (Red line) of "wave X" shown on the Blue line.
The sub-wave of the sub-wave D is probably a Flat with extended (c).
When the sub-wave D is complete, the trend will switch to an up-trend.
If the assumption is correct,
The sub-wave D will grow to the levels of 1.14-1.11 (Fibonacci, 61.8-78.6%) .
In this scenario, the stop loss level is 1.19.