EURUSD Elliott Wave Analysis: More Weakness Expected

Hello Traders,

EURUSD short-term Elliott Wave analysis suggests that the bounce to 1.1747 high ended red wave 2. Down from there, red wave 3 ended at 1.1299 low. The internals of that decline unfolded as impulse structure with lesser degree cycles are showing sub-division of 5 waves structure lower in it’s each leg lower i.e Black wave ((i)), ((iii)) & ((v)). While the sub-division in Black wave ((ii)) & ((iv)) unfolded in 3 wave corrective sequence.

Down from 1.1747 high, the initial decline to 1.1529 low ended black wave ((i)) in 5 waves structure. The bounce to 1.1627 high ended black wave ((ii)). Below from there, the decline to 1.1364 low unfolded in 5 waves structure & ended black wave ((iii)). Up from there, the 3 wave bounce to 1.1431 high ended black wave ((iv)). Then the decline to 1.1299 low ended black wave ((v)) & also completed the red wave 3 lower. Above from there, red wave 4 bounce remains in progress in 7 or 11 swings for the correction of 1.1747 high before further downside is seen provided the pivot at 1.1747 high stays intact. We don’t like buying the pair and prefer more downside against 1.1747 high in the first degree.