Elliott Wave analysis calling EURUSD lower
Hello Traders,
EURUSD ended the cycle from 11/24 peak (1.1819) at the low of 11/12 (1.1218) in black wave ((1)). Above from that low we are calling black wave ((2)) pullback complete at 11/21 peak (1.14733).
The internals of black wave ((2)) unfolded as an Elliott Wave ZigZag structure (5-3-5) where blue wave (A) ended at 11/15 peak (1.1350). The internals of that move unfolded as a diagonal structure which ended red wave 1 at 11/13 peak (1.1321), red wave 2 pullback at 11/14 low (1.1262), red wave 3 at 1.1348 peak followed by a pullback in red wave 4 to 1.1276. Above from there it ended red wave 5 of blue wave (A) at 1.1350.
Below from that level it ended blue wave (B) pullback at 11/15 low (1.1271). Above from there the blue wave (C) of black wave ((2)) ended at 11/20 peak (1.14733).
As long as the pivot at 1.14733 stays intact we expect the EURUSD to extend lower. However, a double correction higher in black wave ((2)) still can't be ruled out at this stage. We like to stay on the sidelines for now.
EURUSD ended the cycle from 11/24 peak (1.1819) at the low of 11/12 (1.1218) in black wave ((1)). Above from that low we are calling black wave ((2)) pullback complete at 11/21 peak (1.14733).
The internals of black wave ((2)) unfolded as an Elliott Wave ZigZag structure (5-3-5) where blue wave (A) ended at 11/15 peak (1.1350). The internals of that move unfolded as a diagonal structure which ended red wave 1 at 11/13 peak (1.1321), red wave 2 pullback at 11/14 low (1.1262), red wave 3 at 1.1348 peak followed by a pullback in red wave 4 to 1.1276. Above from there it ended red wave 5 of blue wave (A) at 1.1350.
Below from that level it ended blue wave (B) pullback at 11/15 low (1.1271). Above from there the blue wave (C) of black wave ((2)) ended at 11/20 peak (1.14733).
As long as the pivot at 1.14733 stays intact we expect the EURUSD to extend lower. However, a double correction higher in black wave ((2)) still can't be ruled out at this stage. We like to stay on the sidelines for now.
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