We’re leaning towards another 1 or 2 series of down-up sequences which suggests slightly higher prices. Therefore, the better risk to reward ratio trade suggests waiting to buy until EURUSD drops back to 1.1350-1.1450 while targeting 1.18.
I’m leaning towards the impulse labeling on the chart because is behaving more like a 3rd wave than a 5th wave. That suggests more jabs higher may still exist.
Additionally, on ‘b’ waves (like count #2 suggests), though prices pivoted at the 1.382 times wave 'a', we should see heavy divergence on . As we troll through several time frames, we see no evidence of divergence which leans us towards the impulse.
Here are other internals we monitor:
Elliott Wave Coun – It appears we are in red (iv) of circle ‘c’ of blue Y. This suggests more upside potential with the greater risk to reward ratio trade from lower levels as we anticipate the end of wave (iv).
Wave measurements – typically wave (iv) retraces about 38.2% times wave ( iii ). This would place a target near 1.1450. This price level also coincides with the June 18 and May 15 highs.
SSI – SSI currently sits at -2.6 which is near Friday morning’s level. Oddly enough, as Friday ended, SSI was approaching -3 so traders are less willing to sell this rally which suggests we may sell off some.
OBV – surged and is carving new highs. This is .
Other patterns are rooted in EW as well (like equal waves, triangles, diagonals, fib retracements and fib expansions). So you probably have a basis for EW and may not realize it. Continue to ask questions and myself or the community will help you through it.