EURUSD WEEKLY LOOK - PRICE LOOKS CHOPPY WITH ELLIOTT WAVE THEORY
Hi ellioticians, todays technical analysis regard the EURUSD and its weekly time frame. We see a five-wave completed move on the weekly chart from the 2000's lows and a high at the 1.60 lvl.., which was then followed by a choppy price action between years 2008 and 2022. I labeled a possible triangle correction in the making with leg (c) now unfolding. Ideally the lower triangle line will not be breached, but will rather react as support into the following leg (d).
The triangle correction in Elliott wave theory is a complex pattern and unfolds in five waves; the last leg e can is some cases unravel as a triangle itself. If the Elliott wave analysis is on point on the EURUSD, then the triangle correction on the weekly chart can still have some years to fully unfold, before we may see a new bullish advace, above the 1.60 peak.
In case higher degree correction labelled as wave (b) is already completed, then more upside may already be in store and thus be part of an unfolding higher degree wave (c) move. That said, in this case, the move from 1.255 lvl.. can be only a correction of a lesser degree and the lower triangle line can also provide levels of a rebound.
Take care!
The triangle correction in Elliott wave theory is a complex pattern and unfolds in five waves; the last leg e can is some cases unravel as a triangle itself. If the Elliott wave analysis is on point on the EURUSD, then the triangle correction on the weekly chart can still have some years to fully unfold, before we may see a new bullish advace, above the 1.60 peak.
In case higher degree correction labelled as wave (b) is already completed, then more upside may already be in store and thus be part of an unfolding higher degree wave (c) move. That said, in this case, the move from 1.255 lvl.. can be only a correction of a lesser degree and the lower triangle line can also provide levels of a rebound.
Take care!