Elliott Cypher Combo

FX:EURUSD   Euro / U.S. Dollar
363 2 1
The EURUSD             appears to be putting in a bottom as far as I'm concerned. An Elliot count currently lines up with a larger fifth wave terminating in the current price range from 1.2985 and possible further targets below. Unfortunately, month end re-balancing acts must take place by larger institutional traders, as such, I will assume a EUR heavy stance looking to unwind into tomorrow.

Current price action has failed to penetrate the lows, and if anything, has been grinding away at late arrival sellers. I am currently long and will look to target the D point (1.3068/70) of the Cypher which is still in play. I suspect this will act as resistance to form the minor wave 2, or wave 4 correction, for the larger wave 3 impulse.

Final targets for longs will be covered at the 100-161.8 Wave 1 price projection. Half the trade will be closed at the Cypher D point and a double sized short will be activated; a stop just above the 0.886 fib of the Cypher for the short hedge should suffice, the other half will be closed on a breach of X.

Cypher sell tragets: Fib retracements of the whole leg up from 1.2985
TRGT 1: 1.3048
TRGT 2: 1.3036
TRGT 3: 1.3017

Seeing as the current elliott count has completed Wave 1, and is just finishing an irregular ABC correction I will adjust targets for the Cypher depending on projected wave points rather than relying solely on the fib retracements.

Note: Should the 1.2985 level fail then the entirety of this trade setup will be invalidated for taking shorts.
All five waves completed, as can be seen above. Wave 4 made a complete retracement to nearly violate the price action of wave 1, but held. The highest price point achieved is actually Wave 5, as Wave 3 ended at 1.3075 before Wave 4 descended down to 1.3040; therefore, we should now be experiencing a correction; which has begun rather violently, given it's one direction descent.

Small longs may be worth a play here as the lows(1.2985) are being defended for now.
TRGT1: 1.3036
TRGT2: 1.3050
Longs position were closed hedged at the Cypher D point early morning.
Short stops are now at 1.3055(+10 pips) above the 23.6 fib retracement of the leg up.
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