Elliott Wave View: EURUSD Will Remain Supported in Dips

Elliott Wave View of EURUSD suggests that pair has ended the cycle from September 9 as wave W at 1.1751 low. Afterwards, the pair bounced higher in wave X, which unfolded as a zigzag Elliott Wave Structure. Up from wave W low, wave ((a)) ended at 1.1834 high. Wave ((b)) dip ended at 1.1797 low. Pair then resumed higher in wave ((c)), which ended at 1.1918 high. This final move completed wave X in higher degree.

Currently, wave Y is in progress and could unfold as a double three structure. Down from wave X high, wave (a) ended at 1.1808 low. The bounce in wave (b) ended at 1.1900 high. From there, pair continued to resume lower and ended wave (c) at 1.1736 low. The push lower ended wave ((w)) in the higher degree. The decline also broke below previous wave W low, confirming that the next leg lower in Y is already in progress. The bounce in wave ((x)) remains in progress. This will be followed by another leg lower in wave ((y)) to complete wave Y in the higher degree. The 100 – 161.8% extension of wave W-X where wave Y can potentially end is at 1.1495-1.1655 area. If reached, that area could produce a reaction for 3 waves bounce at least.