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EUR/USD: Elliot wave analysis

W1. The pair has finished the global corrective wave B. We are now witnessing the formation of the corrective [2] which is taking form of a Zigzag.

Chart. Weekly EUR/USD

Daily. The (b) of [2] took form of a widening triangle. We are now witnessing the formation of the downside impulse wave (c) of [2].

Chart. Daily EUR/USD

H4. The market has started forming corrective wave [4] which is likely to take form of a horizontal correction. After the wave [4] is complete there will be a decline in the wave [5]. When the wave 1 is complete expect a correction to the wave 1 (this will be the wave 2). The approximate trajectory is shown at the picture.

Chart. H4 EUR/USD

Roman Petuchov for FX Bazooka

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