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Trader, analyst and instructor with a 6-year experience

EUR/USD: Elliott waves (Dec. 2)

Weekly. The pair completed the wave [D] which took the form of a Zigzag. Now we are see8ing the beginning of wave [E].

Chart 1. Weekly EUR/USD

Daily. We may be seeing the construction of the descending correction wave [2]. When it’s complete, the decline in form of impulse will continue.

Chart 2. Daily EUR/USD

H4. Wave [2] is taking form of a complex correction pattern. Wave (y) of [2] is a rising Zigzag and looks either already completed or nearly so. Thus, in the near future we can expect a reversal. This week may be bearish.

Chart 3. H4 EUR/USD

Roman Petuchov for FBS

EUR
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