This is the preferred count I'm following for the EURUSD (for other possibilities, see the post from yesterday).
Today's high measures out beautifully for a 5 wave sequence with wave (i) as a leading diagonal.
-wave (iii) = 1.618 * wave (i)
-wave (v) = wave (i)
These are common relationships in a 5 wave sequence. We also have divergence on RSI which is common for 5th waves.
Now, since this move off the low appears to be a 5 wave affair, this narrows the possibilities down.
We are likely :
1) finishing the circle 'a' wave of a zig-zag
2) finishing the first wave of a larger zig-zag
Under both scenarios, look for a break of the 2-4 channel line and a dip to the 50-78% retracement level. If today's high stands, then we are talking a dip towards 1.10-1.11
Remember, Elliott Wave analysis is probabilistic, so we don't know for sure what the count is until the move is over. This simply represents the higher probability scenario in my opinion.
Other counts are available, I would be happy to see what count you are following off the lows.
Today's high measures out beautifully for a 5 wave sequence with wave (i) as a leading diagonal.
-wave (iii) = 1.618 * wave (i)
-wave (v) = wave (i)
These are common relationships in a 5 wave sequence. We also have divergence on RSI which is common for 5th waves.
Now, since this move off the low appears to be a 5 wave affair, this narrows the possibilities down.
We are likely :
1) finishing the circle 'a' wave of a zig-zag
2) finishing the first wave of a larger zig-zag
Under both scenarios, look for a break of the 2-4 channel line and a dip to the 50-78% retracement level. If today's high stands, then we are talking a dip towards 1.10-1.11
Remember, Elliott Wave analysis is probabilistic, so we don't know for sure what the count is until the move is over. This simply represents the higher probability scenario in my opinion.
Other counts are available, I would be happy to see what count you are following off the lows.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.