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Elliott Wave Analyst

EUR/USD: "Double Zigzag" on the way

EUR/USD: "Double Zigzag" on the way

There’s a possible triangle in wave (Y), which is taking place on the four-hours chart. It’s likely that wave E is going to form a zigzag. Also, there’s an opportunity to have wave [b] in the short term. If a pullback from 2/8 Murrey Math Level (P=200) happens, then bulls will probably try to deliver wave [c] of E.

EUR/USD: "Double Zigzag" on the way

We’ve got an impulse in wave [a] and a possible double zigzag in wave [b]. Considering that the price hasn’t found a lodgement above 8/8 MM Level, it’s likely that we’re going to see a decline in wave (y) of [b] during the day. The nearest target is 6/8 MM Level.

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