The euro appears to be coming to the end of minute wave 3. It looks like minuette wave 4 developed as a barrier triangle which we have recently broken out of, entering minuette wave 5. Wave 5 after a barrier triangle is usually either an extremely short wave or an extremely long wave. However, the euro is currently near all times lows in nearly every major sentiment index, reducing the likelihood it will be an extremely long wave.
In this analysis, I have counted minuette wave 4 as a barrier triangle. It is worth noting, however, that it is possible to count it as a 3 wave flat (A-B-C) and the second two waves as subminuette waves 1 and 2 of minuette wave 5. I believe this count is highly unlikely because minuette wave 2 is unambiguously a flat and according to the guideline of alternation, wave 4 should almost always be a different corrective pattern than wave 2. But in the unlikely case that wave 4 is also a flat, it is more likely that wave 5 would develop into a longer, more proportional wave to the first 4. Although, under this count, it would mean that subminuette waves 1 and 2 of minuette wave 5 are already complete, meaning that wave 5 only has 3 more waves until completion, whereas the current count implies wave 5 still has 5 more waves until completion. So it possibly wouldn't change the potential length of wave 5 by that much.
To be clear, I do not believe the euro is anywhere near its future lows. After minute wave 3, we still have minute wave 5 before completing minor wave 3. And even then, we must still complete minor wave 5. But a small correction in the longer-term trend is on the horizon.
In this analysis, I have counted minuette wave 4 as a barrier triangle. It is worth noting, however, that it is possible to count it as a 3 wave flat (A-B-C) and the second two waves as subminuette waves 1 and 2 of minuette wave 5. I believe this count is highly unlikely because minuette wave 2 is unambiguously a flat and according to the guideline of alternation, wave 4 should almost always be a different corrective pattern than wave 2. But in the unlikely case that wave 4 is also a flat, it is more likely that wave 5 would develop into a longer, more proportional wave to the first 4. Although, under this count, it would mean that subminuette waves 1 and 2 of minuette wave 5 are already complete, meaning that wave 5 only has 3 more waves until completion, whereas the current count implies wave 5 still has 5 more waves until completion. So it possibly wouldn't change the potential length of wave 5 by that much.
To be clear, I do not believe the euro is anywhere near its future lows. After minute wave 3, we still have minute wave 5 before completing minor wave 3. And even then, we must still complete minor wave 5. But a small correction in the longer-term trend is on the horizon.