Elliott Wave Impulse Nears End of 4th Wave

FX:EURUSD   Euro / U.S. Dollar
607 8
The Elliott Wave model we have been following is that EURUSD is incomplete to the upside. In our September 4 report, we forecasted a "shallow correction back to the 1.16 handle."

Now that prices have reached that level, it confirms the fourth wave is progressing as anticipated. We still are not sure of the shape, depth, and structure as we have 2 options listed above...1) a triangle, and 2) flat pattern.

Under both scenarios, prices retest the highs and may work itself higher towards 1.22. A triangle will take longer to do so.
i think we r in a abcde correction, and its go down in form of head and shoulder in time daily until the end of wave e of correction
JWagnerFXTrader omidtrader1367
@omidtrader1367, yes, the abcde triangle would hold above 1.1662 and grind sideways between 1.1662 and 1.2092 for another week or two. At that point, the buying opportunity would take place against 1.1662 for a retest of 1.2092 and possibly 1.22.
Nice count, I am going with the extended count to the right.
@UsmanUmar, an interesting point about that scenario is that wave ((i)) was about 500 pips. If wave ((v)) travels about 500 pips it will approach near 1.22 where other wave relationships exist.
UsmanUmar JWagnerFXTrader
@JWagnerFXTrader, what other relationship did you see?

C = 1.618 the length of A == 1.2207

Also you have the 50% retracement of the 2014 impulse downtrend = 1.2201

UsmanUmar JWagnerFXTrader
@JWagnerFXTrader, Yes seen that too. Thanks
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out