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Trader, analyst and instructor with a 6-year experience

EUR/USD: Elliot wave analysis

Weekly. EUR/USD will soon finish corrective wave (b) of [2].

Chart. Weekly EUR/USD

Daily. The wave (b) took form of a widening horizontal triangle. We are now witnessing the formation of the e, the final wave of this triangle which has taken form of the double Zigzag.

Chart. Daily EUR/USD

H4. The wave [y] of e represents a simple Zigzag. In Zigzags the waves tend to be equal, so after the local sideways movement is over, the advance will resume as shown at the picture. After that there may be a new downtrend in the wave (С) of [2] (see the first chart).

Chart. H4 EUR/USD

Roman Petuchov for FX Bazooka

EUR
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