MONTHLY Chart: EURUSD: Bat Pattern Internal Wave Count

NOTE* This is a wave count of the bat's internal wave count and IS NOT the overall wave count of the pair.

In this chart, what I am doing is showing the POTENTIAL Bat's own internal wave structure and showing what it is telling me is going to happen. According to this chart, prices are in a wave (C) decline. That wave (C) being a 5 wave decline. Within those 5 waves, the recent explosive fall from the wave 2 highs is typical and indicative of a wave 3. I have labeled it as such. So what needs follow is a wave 4 retrace of that wave 3.

However, the question is: Has that wave 3 ended already or is it still got some more to go? On this chart, I am showing that there is more to go on the downside before the wave 3 ends. The current consolidation is part of a wave IV of 3 and this wave IV is still underway with more consolidation to come.

Overall, I am showing that prices have still got A LOT more to go on the downside. Remember, this is a MONTHLY chart and that all this that I am showing should unfold over the next year. NOT right away.

PATTERNS
Obviously, that large POTENTIAL Bat dominates the chart. And prices have been declining right down it's CD leg. There isn't any reason to think that this bat won't get filled. For the more current time, there is a POTENTIAL Crab (blue) that could be defining the ending of the wave 3. If and when filled, I am seeing the wave 3 as done and a wave 4 retrace back up before down again to fill that large bat.