Elliott Wave Analysis of EURUSD

I suspect the current rally from the Oct low at 10879 is developing as an impulse wave (5 wave rally). It seems to be missing some gyrations before it counts as a completed structure. An impulse wave that has one extended section will develop in 9 swings. So far I can count 6 possible swings from 10879, so a few more gyrations as shown are needed before it counts as a completed 9 swing advance from 10879.

Barring a move below 11062, then allow for more upside to end wave [iii], a pullback again would be expected for wave [iv], followed by new highs for wave [v]. Once we can count 9 swings from 10879 to complete the current wave structure, it’s then we can consider a much larger decline to correct the move from 10879.

Short term, above 11062 keeps it pointing higher. A 5 wave advance from 10879 could well suggest a significant low is in place at 10879, as well as a significant peak for the DXY.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

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