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Elliott Wave Analyst

EUR/USD: possible "Triangle" in wave 4 taking place

EUR/USD: possible "Triangle" in wave 4 taking place

The price is rising, so wave 4 is likely going to be continued in a form of a “Horizontal Triangle”. Therefore, there’s an opportunity to see a consolidation between 7/8 and 6/8 Murrey Math Levels (P=200) in the short term.

EUR/USD: possible "Triangle" in wave 4 taking place

As we can see on the one-hour chart, there’s a possible zigzag in progress in wave [c]. Considering a pullback from 2/8 Murrey Math Level, the next target is 6/8 Murrey Math Level. If a pullback from this level happens, bears will probably try to deliver wave [d] of 4.

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