The chart on the left depicts the Eur/usd price action on the 12hr timeframe, which shows the long term Elliot wave count on eurusd. It suggests the decline from 1.04000 high is unfolding as an impulse wave structure. Wave 1 ended at 0.98630, wave 2 ended at 1.0198 which was then followed by further decline to the current low of 0.95500.
Looking at the chart on the right hand , on the short term Elliot wave view, we can see that from the end of wave 2 which state the begin of wave 3 at 1.0198 . The chart suggest that wave 3 has internal subdivision as 5 wave impulse. wave 1 ended at 0.99550. wave 2 ended at 1.00515. Wave 3 will tentatively end around 0.95137. Then we expect wave 4 and 5.