EUR/USD appears to be unfolding a classic expanded flat correction for wave (4):
Wave A formed as a 3-wave zigzag
Wave B retraced beyond the start of A — a key trait of expanded flats
Now looking for a 5-wave C-leg decline toward the 1.1122 – 1.1002 area
Aligned with 1.0–1.618 extensions of A
RSI + MACD divergence adds bearish confirmation at the B top
Potential bullish reversal zone into late June / early July
As long as price holds below the B high (~1.1650), the bearish path in wave C remains in play.
📍 Target zone: 1.1122–1.1002
📈 Bias: Bearish short-term, bullish long-term (wave 5 up next)
Wave A formed as a 3-wave zigzag
Wave B retraced beyond the start of A — a key trait of expanded flats
Now looking for a 5-wave C-leg decline toward the 1.1122 – 1.1002 area
Aligned with 1.0–1.618 extensions of A
RSI + MACD divergence adds bearish confirmation at the B top
Potential bullish reversal zone into late June / early July
As long as price holds below the B high (~1.1650), the bearish path in wave C remains in play.
📍 Target zone: 1.1122–1.1002
📈 Bias: Bearish short-term, bullish long-term (wave 5 up next)
Note
Charts:🔹 1H Structure with Daily Profile Overlay
🔹 5-Min Elliott Wave Count into FVG
🟦 Chart 1 – 1H Structure & Trendline Support
A rising wedge is forming just beneath supply, with momentum indicators stalling.
📌 A break below the red trendline (~1.15718) would confirm early weakness and validate bearish intent.
📍 1.15514 remains a key intraday structure break — and a daily close below it would solidify bearish control.
🟩 Chart 2 – 5-Minute Elliott Count + FVG Confluence
Intricate subwaves completing inside the 0.618–0.764 fib retracement zone.
Final push tagged the FVG and trendline cluster, with rejection forming at the overlap.
🛑 Invalidation remains above 1.16311 — a move above that would invalidate the wave (ii) scenario.
📉 Bias: Bearish while below 1.16311
📍Confirmation: Break of 1.15718 and 1.15514
🕯️ Daily close below 1.15514 = high conviction for wave (iii)
🎯 Targets: 1.1119 → 1.0809
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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.