EURUSD Fibonacci Target of 1.03

FX:EURUSD   Euro / U.S. Dollar
From a Fibbonacci standpoint a target of around 1.03 makes sense as this is the 1. 618 retracement of the first wave down, a very common fib number in third waves. This current move down that started back in May has all the signs of a 3rd wave. The move has been strong and impulsive all the way down with little sign of letting up. After completing this 3rd wave EURUSD             can see a decent relief rally to form the 4th wave. More on that later, for now we look to complete this current wave
Wave 3 ended ? are we now in wave 4?
Hi, thank you for sharing your analysis.

I could understand your Fib projection of what you call wave 3 on your chart. However, I think counting the wave 1 from May 2011 high is suspect and then your main counts also. However I could be wrong and missing something.
+1 Reply
Ape DanV
Very perceptive sir! Yes, "wave 1" is not actually wave 1 in my main count. Starting with top of "wave 1" and going to "wave 2"it is labled C D E in the main count, part of completing a larger wave 2 or B wave. "Wave 3" can in fact be a wave 3 or C wave in the main. Lack of time did not allow me to delve into details, however rest assured targets on both my main and this overly simplistic Fib chart is remarkably similar that of my main count. I will post further detail of my Elliot Wave chart if there is enough interest. Thank you for your contribution!
+1 Reply
Great fully agree with Fib possibility. There are many versions of EW of EURUSD and each try to explain their view so I understand it is not easy. However, somewhere along the line it might be that your wave 3 is in fact Wave C to possibly complete this cycle and expect a stronger retracement to the upside.

But I wait your revised chart with interest. Thanks again.
+1 Reply
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