Short term Elliott Wave cycle suggests decline to 86.35 ended wave 3. From this level, wave 4 bounce unfolded as a double three structure where wave ((w)) ended at 87.05, wave ((x)) ended at 86.5, and wave ((y)) of 4 is proposed to be complete at 87.4.
Pair should now try to at least correct the rally from 86.35 in 3 swing, with primary view of extending the decline to a new low. If pair breaks above 87.4 again, it is likely doing a double correction and would open extension higher in 7 swing before the decline resumes. In the event if 87.4 breaks, pair is expected to extend higher in 7 swing from wave 3 low, but as far as wave ((iv)) pivot at 88.9 stays intact in the bounce, pair is still favored to resume the decline to a new low.
At EWF we offer 24 hour coverage of 50 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Free Trial to sample everything EWF has to offer!
Back