JWagnerFXTrader
Short

2 Clusters of Wave Relationships - 1.1400 and 1.1455 for Shorts

FX:EURUSD   Euro Fx/U.S. Dollar
With the ECB prepared to announce their next round of genious analysis and monetary policy tomorrow morning, let's take a moment and assess the Elliott Wave picture for EURUSD             . As we will do from time to time, we'll identify key levels to watch prior to news being released to establish the game plan before emotions run high.

From a bigger picture, the sell off from late August to early Sept 2015 is a 5 wave move. Due to its position, that 5 wave move needs at least one other 5 wave decline to match it. So from a bigger picture perspective, the Aug 24, 2015 high will likely hold until we retest levels near the 1.04 handle.

Shorter term, there are 2 different clusters of wave relationships showing up near 1. 1400             and 1.1455 (see tan boxes above). I am showing either level as the end of a smaller degree red circle wave '2'. Either of these points could be a pivot level to launch the next round of selling.

The selling since yesterday's high appears to be a correction and therefore I'm leaning towards higher levels to short rallies from.

Your comments are appreciated.
Hi, thanks for sharing the count. Seems like the one also proposed by EWI.
I'd go long in case that Y/2 turns into something else, personally, I don't subscribe to this view.
Cheers.
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Same minor wave count myself, although I'm using an a-b-c instead of x-y-z, and likewise I have it pegged to go up to the 1.14 area
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I'm showing 3 different wave relationships showing up near 1.0900-1.0910.

1. Circle wave 1 = circle wave 5
2. Circle wave 5 = .382 * circle 1-3
3. If circle 3 is extended, it would be 2.618* circle 1

snapshot


A break below 1.09 clear the way for more downside...otherwise we may bounce back to 1.11. Let's see what happens.
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Thelearner
a year ago
Hi, thanks for sharing. Usdollar maybe turning soon, Im thinking if this trade may or may not hit the 61.8.

Thank you
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