EURUSD Carves First 5 Wave Sequence Higher

FX:EURUSD   Euro / 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.

Twitter: @JWagnerFXTrader

Free Weekly Newsletter on Elliott Wave : https://www.subscribepage.com/waveschool_tv


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?
JWagnerFXTrader rick.alter.35
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.

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
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out