7pasos

Nice example of triangle in a triangle

FX:EURUSD   Euro Fx/U.S. Dollar
Now the 4th wave in the EURUSD             decline shows what could be a nice example of equivalent to an extension for triangles: a triangle in a triangle.
Could sound confusing but its really simple: When a triangle is forming under elliott wave perspective, some times one of it's waves instead to be a zigzag (the most commonly accepted structure inside it) forms a new smaller triangle.
This is more common with waves c, d or e.
In this case we are witnessing a triangle as wave D) with all it's corrective structures ( A,B,C,D and E) inside it. Once finished the triangle that works as extension, the rest of the pattern continue as usual.
As with extensions in other structures in a triangle, the pattern usually do not show more than one extension (but this is a guide and not a rule).
What we should expect from here is more decline to complete the 5)) wave that is now forming.
Is possible that today with the actual lows after the FOMC minutes' release the end of 5)) be complete.
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Very nice charting compadre :) Saludos desde Argentina.
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7pasos PRO IvanLabrie
Thanks Un abrazo!
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