DavionL
Short

EURUSD Possible break down in near future

FX:EURUSD   Euro / U.S. Dollar
165 0 5
Base on 3 Elliot's wave rules,
1) wave 2 never go beyond or above wave 1.
2) wave 3 is the longest wave.
3) wave 4 does not enter into the same price territory as wave 1.
The elliot wave is drawn as shown. Price has formed wave 4 through a double zigzag corrective patterns, 2 possible scenarios for next coming weeks would be:
i) price continue to be in the correction zone forming a 5 wave A-B-C-D-E             Ending diagonal pattern.
ii) price break the pivot low of wave 3 and forming wave 5.
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