Elliott Wave Analysis: EURUSD 5 waves structure looking for more
Hello Traders,
Cycle from Sept 24 high (1.182) in EURUSD remains in progress as an Elliott Wave impulse structure where black wave ((1)) ended at 1.1214 and black wave ((2)) is proposed complete at 1.147. Pair still needs to break below black wave ((1)) at 1.1214 to validate this view. Until then, we still can’t rule out a double correction in black wave ((2)) in the form of WXY. Near term, the decline from 1.147 is unfolding in what looks like a leading diagonal Elliott Wave structure.
Down from 1.147, red wave 1 ended at 1.1356, red wave 2 ended at 1.1434, red wave 3 ended at 1.1325, and red wave 4 ended at 1.1384. Pair should soon end red wave 5 which also completes blue wave (1). Afterwards, it should bounce in blue wave 2 to correct cycle from 11/20 high (1.147) in before the decline resumes. We don’t like buying the pair and expect sellers to appear in 3-7-11 swing as far as pivot at 1.147 high stays intact.
If pair breaks above proposed black wave ((2)) at 1.147, then it’s doing a double correction and can open further upside towards 1.16 area before the decline resumes. If this happens, we still expect pair to extend lower or at least pullback in 3 waves from 1.16 area as far as pivot at 9/24 high (1.1815) stays intact.
Cycle from Sept 24 high (1.182) in EURUSD remains in progress as an Elliott Wave impulse structure where black wave ((1)) ended at 1.1214 and black wave ((2)) is proposed complete at 1.147. Pair still needs to break below black wave ((1)) at 1.1214 to validate this view. Until then, we still can’t rule out a double correction in black wave ((2)) in the form of WXY. Near term, the decline from 1.147 is unfolding in what looks like a leading diagonal Elliott Wave structure.
Down from 1.147, red wave 1 ended at 1.1356, red wave 2 ended at 1.1434, red wave 3 ended at 1.1325, and red wave 4 ended at 1.1384. Pair should soon end red wave 5 which also completes blue wave (1). Afterwards, it should bounce in blue wave 2 to correct cycle from 11/20 high (1.147) in before the decline resumes. We don’t like buying the pair and expect sellers to appear in 3-7-11 swing as far as pivot at 1.147 high stays intact.
If pair breaks above proposed black wave ((2)) at 1.147, then it’s doing a double correction and can open further upside towards 1.16 area before the decline resumes. If this happens, we still expect pair to extend lower or at least pullback in 3 waves from 1.16 area as far as pivot at 9/24 high (1.1815) stays intact.
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