EURUSD Elliott Wave view suggests the decline from 9/8 peak is unfolding as an expanded Flat Elliott Wave structure. Down from 9/8 high (1.2094), Intermediate wave (A) ended at 1.1837 and Intermediate wave (B) ended at 1.2034. Intermediate wave (C) remains in progress as 5 waves. Minor wave 1 of (C) ended at 1.186, and Minor wave 2 of (C) ended at 1.2. Below there, Minor wave 3 of (C) ended at 1.1716, and Minor wave 4 of (C) ended at 1.1832.
While below 1.1832, pair has scope to extend lower in Minor wave 5 of (C) and reach as low as 1.16207. This area will also complete Primary wave ((W)) and end cycle from 9/8 peak. Afterwards, pair should bounce in Primary wave ((X)) to correct cycle from 9/8 peak in 3, 7, or 11 swing before turning lower again. If pair breaks above 1.1832 from here, it could be in Minor wave 4 as a flat before turning lower again in Minor wave 5.
EURUSD 1 Hour Elliott Wave Chart
Expanded Flat is a 3 waves corrective pattern, and the inner subdivision is labeled as A,B,C with 3,3,5 structure. That means waves A and B are always corrective structures i.e. could be WXY, WXYXZ, Zigzag or any 3 waves corrective pattern. Wave C is either 5 waves impulse or ending diagonal pattern. In the graphic below, we can see what Expanded Flat structure looks like. Inner structure has ABC labeling, where wave B can complete below or above the starting point of wave A. Wave C should complete below the end point of wave A (usually at 1.236-1.618 fibonacci extension A related to B).
