Hi Traders,
The EURUSD (now at 1.1838) should bounce back to 1.1857 but only to resume the correction down to the next support at 1.1774. Overall, this correction could go on down to the area 1.1327-1.1299 (theoretical targets: area 1.1449-1.1425 and especially the area 1.1220-1.1208).
ELLIOTT WAVES
The big picture is explained in the monthly and weekly charts which revels that the Euro is unfolding retracement-wave-4 to 1.3016 with an a-b-c pattern. The theoretical targets of wave-b could either be at 1.1453-1.1424 or even at 1.1220. At that point, the new wave-c-rally to 1.3016 would start.
Letter a was placed to indicate the completion of the first leg of the a-b-c retracement up. Those waves would be the three components of wave-4 ending at 1.3016.
The daily and 4-hours charts show the target of wave-b at 1.1934-1.1932 as well as the target around 1.1774. The 1-hour chart also displays the target at 1.1857.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
4-hours chart, click to enlarge
1-hour chart, click to enlarge
The EURUSD (now at 1.1838) should bounce back to 1.1857 but only to resume the correction down to the next support at 1.1774. Overall, this correction could go on down to the area 1.1327-1.1299 (theoretical targets: area 1.1449-1.1425 and especially the area 1.1220-1.1208).
ELLIOTT WAVES
The big picture is explained in the monthly and weekly charts which revels that the Euro is unfolding retracement-wave-4 to 1.3016 with an a-b-c pattern. The theoretical targets of wave-b could either be at 1.1453-1.1424 or even at 1.1220. At that point, the new wave-c-rally to 1.3016 would start.
Letter a was placed to indicate the completion of the first leg of the a-b-c retracement up. Those waves would be the three components of wave-4 ending at 1.3016.
The daily and 4-hours charts show the target of wave-b at 1.1934-1.1932 as well as the target around 1.1774. The 1-hour chart also displays the target at 1.1857.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
4-hours chart, click to enlarge
1-hour chart, click to enlarge
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