EUR/USD: Elliott waves (Jan. 13)
Weekly. The pair keeps forming the global converging triangle. At the moment it’s forming the wave [D] of this triangle.
Chart. Weekly EUR/USD
Daily. Upward wave (y) of [D] is taking form of a double Zigzag. Now EUR/USD is forming the second Zigzag, which is a wave y.
Chart. Daily EUR/USD
H4. The pair’s forming a descending correctional wave [B], which takes the form of a Zigzag. To say more precisely, we are witnessing the construction of wave (B) of [B]. When the upward correction (B) is complete, a decline in the impulse wave (C) of [B] will start. The approximate trajectory is shown at the picture.
Chart. H4 EUR/USD
Roman Petuchov for FBS