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Elliott Wave Analyst

EUR/USD: wave E on the way

EUR/USD: wave E on the way

There’s a double zigzag in wave E of (Y), which is taking place on the four-hours chart. Yesterday wave [x] was formed, so we’ve got a pullback from 1/8 Murrey Math Level (P=200). Therefore, wave [y] of E is likely going to move on towards 6/8 MM Level.

EUR/USD: wave E on the way

As we can see on the one-hour chart, wave [x] took a form of a zigzag. Considering the second pullback from 8/8 MM Level in a row, wave (a) is likely ended. So, bears are likely going to deliver wave (b) during the day. However, there’s an opportunity to have bullish wave (c) of [y] afterwards.

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