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Elliott Wave Analyst

EUR/USD: bearish impulse in wave iii going to start soon

EUR/USD: bearish impulse in wave iii going to start soon

We’ve got two pullbacks from 6/8 Murrey Math Level (P=200) in a row, which points to a possible ending of wave [y] of C. Moreover, there’s a downward impulse in wave i, so after a local correction, bears are likely going to deliver wave iii of (a). The nearest intraday target is 3/8 MM Level.

EUR/USD: bearish impulse in wave iii going to start soon

As we can see on the one-hour chart, wave v of (c) was truncated. So, we’ve got a bearish impulse in wave i, which was formed yesterday. It’s likely that bulls are going to deliver wave ii during the day. If we see a pullback from 6/8 Murrey Math Level (P=200), there’ll be an opportunity to have another downward impulse.

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