EUR/USD: Elliott waves (Jan. 20)

Weekly. The pair keeps forming the global horizontal triangle. At the moment, we see the construction of the wave [D] of this triangle.

Chart. Weekly EUR/USD

Daily. Wave (y) of [D] takes the form of a double zigzag. To complete this wave the market as to generate waves [B] and [C]. When a decline in the [B] is complete, a new growth in [C] will begin.

Chart. Daily EUR/USD 

H4. Wave [B] is taking the form of a zigzag. Waves (A) and (B) of this zigzag are fully formed. We are now seeing a decrease in the wave (C). It’s very likely that this decline will continue this week.

Chart. H4 EUR/USD

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