Short Term Elliott Wave view in EURUSD suggests rally to 1.1483 ended wave (4). Internal of wave (4) unfolded as an ABC zigzag Elliott Wave structure. In the 1 hour chart below, wave B ended as a triangle and wave C higher subdivided as a 5 waves impulse structure. Up from wave B, wave ((i)) ended at 1.135 and dips in wave ((ii)) ended at 1.1311. Pair then extended rally higher in wave ((iii)) towards 1.148 and dips in wave ((iv)) ended at 1.145. Final leg higher wave ((v)) ended at 1.148. This completed wave C and (4) in higher degree.
Pair has turned lower in wave (5). However, it still needs to break the previous low on November 24, 2021 low at 1.1185 to rule out a double correction higher. Down from wave (4), wave (i) ended at 1.138 and rally in wave (ii) ended at 1.1406. Pair then extended lower in wave (iii) towards 1.1317, wave (iv) ended at 1.1334, and final leg lower wave (v) ended at 1.1313 which completed wave ((i)). Rally in wave ((ii)) has also ended at 1.13769. While rally fails below there, and more importantly below 1.1483, expect pair to see further downside. Near term, as far as pivot at 1.1483 stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
