Looking at the correction that was done recently it resembles a Flat Correction
. According to Elliot's Wave Rule of Alternation the next correction shall be alternated into a Sharp Correction. Assuming that the whole daily correction is in Flat Correction
configuration (Flat - Sharp - Impulse) it is possible to assume that the price are now in Triple ZigZag
Correction (a Sharp) as highlighted in the grey box. Zooming in we can assume that price should be presumably going for a retracement to XX
before bullishing it way to Z thus completing the subwave a of B correction. In conclusion, i think the EURUSD
will slightly correct itself before proceeding upwards further.
Please comment on my idea. Many thanks.