7pasos

Nice example of triangle in a triangle

FX:EURUSD   Euro / 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.
Very nice charting compadre :) Saludos desde Argentina.
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7pasos IvanLabrie
Thanks Un abrazo!
+1 Reply
Is possible that today with the actual lows after the FOMC minutes' release the end of 5)) be complete.
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