For EURUSD in the Grand Major Timeframe we seem to be in a new 5 Wave structure to the upside. I believe the ZigZag Corrective Structure prior to this has been completed. Another reason to support this assumption is that the Leg C of the ZigZag managed to reach and reject the 100% level of its Leg A.
Within the new 5 Wave Structure mentioned above we seem to have completed its Minor Wave 1 and Wave 2. At the moment we are currently in its Minor Wave 3. Within the Minor Wave 3 we are in its 2nd Wave. The 2nd Wave seems to be unfolding as a Triangle Corrective Structure. We still have Leg E to complete from this Triangle before looking for any bullish movements. As and when Leg E completes we will start seeing price shoot up for the 3rd Wave followed by a small retracement for the 4th Wave and finally shooting up again for the 5th wave to complete Wave 3 as a whole.
Within the new 5 Wave Structure mentioned above we seem to have completed its Minor Wave 1 and Wave 2. At the moment we are currently in its Minor Wave 3. Within the Minor Wave 3 we are in its 2nd Wave. The 2nd Wave seems to be unfolding as a Triangle Corrective Structure. We still have Leg E to complete from this Triangle before looking for any bullish movements. As and when Leg E completes we will start seeing price shoot up for the 3rd Wave followed by a small retracement for the 4th Wave and finally shooting up again for the 5th wave to complete Wave 3 as a whole.