1018
Elliott Wave Analyst

EUR/USD: extension in wave [iii] is coming soon

EUR/USD: extension in wave [iii] is coming soon

Wave 4 has been ended in a form of a “Double Three”. Also, we’ve got a resistance by the 4/8 Murrey Math Level (P=200), which led to form a downward impulse in wave [i]. Under this circumstances, wave [iii] is likely going to form an extension. The main intraday bearish target is -1/8 Murrey Math Level.

EUR/USD: extension in wave [iii] is coming soon

There’s a possible ended wave (ii) below 4/8 Murrey Math Level. Previously, wave (i) was stopped by 2/8 Murrey Math Level. So, the market is likely going to break the last low during wave’s (iii) rally. If we see a pullback from 0/8 Murrey Math Level afterwards, there’ll be an opportunity to see a local upward correction.

Scroll to top