EURUSD Close to Ending Elliott Wave Impulse Decline

Short term Elliott Wave view in EURUSD suggests pair ended wave ((b)) at 1.1089. Wave ((c)) is currently in progress with internal subdivision as a 5 waves impulse Elliott Wave structure. Down from wave ((b)), wave (i) ended at 1.0985 and rally in wave (ii) ended at 1.1053. Internal subdivision of wave (ii) unfolded as expanded flat where wave a ended at 1.1048, wave b ended at 1.0965, and wave c higher ended at 1.1054.

Down from wave (ii), wave i ended at 1.094 and rally in wave ii ended at 1.10068. Pair resumes lower in wave iii towards 1.0839 and rally in wave iv ended at 1.0904. Final leg lower wave v ended at 1.0759 which completed wave (iii). Rally in wave (iv) ended at 1.0831 with internal subdivision as a double three Elliott Wave. Up from wave (iii), wave w ended at 1.0823, pullback in wave x ended at 1.0781, and wave y ended at 1.0831. Pair resumes lower in wave (v) with internal subdivision as another 5 waves. Down from wave (iv), wave i ended at 1.0759. Expect rally to fail in 3, 7, or 11 swing for further downside while pivot at 1.1089 high stays intact.