EURUSD Elliott Wave Analysis

FX:EURUSD   Euro / U.S. Dollar
EU likely has bottomed out in the near term. Wave blue 'C' equals wave blue 'A' which completes a few zigzags. Also the IH&S pattern is further confirmation that the downtrend is exhausted. This occurred at the 50% retrace of the July 2012 low to Feb 2013 high for further support to the end of the downtrend.

EU is now in a 'c' wave up and we must wait and see if this will start an impulse move or corrective. Fib levels are drawn for likely targets of the full 5w sequence.

EU dropping much below 1.2920 would give cause for reevaluation of this moving upwards.


LOL! Well C wave did hit projected fib levels (1.236). But then EU dropped like a rock. Will have to reevaluate the count now.
agree, I'm seeing a lot of analysis that shows the move down as motive, however this involves overlapping 4th waves, much prefer this multi zig zag type of count
Makes sense, gold and silver is ready to run with the Euro. US Dollar down.
Hi in general i am in agreement with your overall expectation, however, feel that we do not have the bottom yet and could expect possible decline to 1.28 or even 1.27 (being 61.8% retracement of July low to Feb high. This also seems to coincide with final leg up on Dollar Index for it's 5 wave uptrend from Feb low. I have explained this in my published chart along with the link to Youtube recording if you are interested.
I feel your count is off because of the way you label your first X wave as a full ABC correction. An X wave is a simple 3 wave leg that connects two ABC corrections. As you can see in my chart of the full move since the Feb high, I have the X wave where on your chart it is labeled as an 'a' subwave. This throws your counts in successive waves off from where I have mine.

DanV SDTrader1
I agree with your comments about my labels. There is a reason for my labels and it seems to harmonies with DXY thought DXY has 1-5 wave rally over the same period and is I think in wave 4 contracting triangle suggesting 1 more wave up. In that case EURUSD could have similar wave down to complete the cycle.
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