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Elliott Wave Analyst

EUR/USD: bearish wave [iii] going to start soon

EUR/USD: bearish wave [iii]  going to start soon

Wave [i] was possible ended yesterday, so there’s time for a local correction. Previously, wave 4 finished in a form of a “Double Three”, so we’ve got a pullback from 4/8 Murrey Math Level (P=200). The main target for wave [ii] is 3/8 Murrey Math Level, which could be a jumping-off point for wave [iii].

EUR/USD: bearish wave [iii]  going to start soon

As we can see on the one-hour chart, wave (v) of [i] was ended near 4/8 Murrey Math Level. So, the price is likely going to deliver wave [ii] in the short term. If a pullback from 6/8 Murrey Math Level happens afterwards, there’ll be an opportunity to have wave (i).

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