JWagnerFXTrader

EURUSD Carves First 5 Wave Sequence Higher

FX:EURUSD   Euro Fx/U.S. Dollar
This is the preferred count I'm following for the EURUSD             (for other possibilities, see the post from yesterday).

Today's high measures out beautifully for a 5 wave sequence with wave (i) as a leading diagonal.

-wave ( iii             ) = 1.618 * wave (i)
-wave (v) = wave (i)

These are common relationships in a 5 wave sequence. We also have divergence on RSI which is common for 5th waves.

Now, since this move off the low appears to be a 5 wave affair, this narrows the possibilities down.

We are likely :
1) finishing the circle 'a' wave of a zig-zag
2) finishing the first wave of a larger zig-zag

Under both scenarios, look for a break of the 2-4 channel line and a dip to the 50-78% retracement level. If today's high stands, then we are talking a dip towards 1.10-1.11

Remember, Elliott Wave analysis is probabilistic, so we don't know for sure what the count is until the move is over. This simply represents the higher probability scenario in my opinion.

Other counts are available, I would be happy to see what count you are following off the lows.

Related Ideas

rick.alter.35
2 years ago
very nice! as of today looks like we are in the b'wave rally of that circle b'
u drew. the a'wave drop from that 5wave structure is complete
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rick.alter.35
2 years ago
and your rsi divergence predicted the a'wave drop of circle b ..terrific!
circle c should finish off this possible triplezigzag we have been in since march16 but then another powerful primary impulse down below parity for summer ..thoughts?
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JWagnerFXTrader PRO rick.alter.35
2 years ago
Hi Rick - it may be best to post an image so I can see the same thing you are seeing. In essence, I do think the higher probability scenarios are corrective grinds higher prior to a final impulse lower.

See this link for daily chart analysis.

EURUSD Finishes Wave "X"
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