EUR/USD (H4). Potential extended, correcive rally.

FX:EURUSD   Euro / U.S. Dollar
818 6 7
EUR/USD             (H4)

Elliot Wave 5, from high (8/5) at 1.39927.
Ending Diagonal (4-5), 5 waves, terminating at 1.23568,
indicating a potential trend change, with higher lows from Channel base. At 141.4% extension and 88.6% retracementsx2, support area . Within channel boundaries.

Potential abc like rally, with three targeted areas, seen also in Daily time_frame.

Daily RSI potential momentum brake_out at 46.
I believe your count is wrong. I think your labeled 5th wave is actually wave 3 of the larger degree. There's a large extension that's not accounted for in this.
My thought: your 5 is 3, we are in the middle of a tripple zig-zag to hit 4. Also your Descending wedge is incorrect. There's a 5wave sequence from 3 to 4, Should only be ABC patterns within.

rv pinTEK
your chart, could be helpful for all. thanks
+1 Reply
For sure.
Here you go.

rv pinTEK
now its more interesting. good effort. thanks.
+2 Reply
No prob.
Lets see what happens. :)
+1 Reply
Nice attitude river_54.
+1 Reply
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