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Elliott Wave View: Further Downside Likely in $EURUSD

August 16, 2022 By

Short Term Elliott Wave View in EURUSD suggests the rally from 7.14.2022 low is unfolding as a double three Elliott Wave structure. Up from 7.14.2022 low, wave W ended at 1.02939, and pullback in wave X ended at 1.0121. Wave Y higher ended at 1.0369 and this completed wave (W) in higher degree. Wave (X) pullback is in progress as a zigzag structure. A zigzag is a 5-3-5 structure, typically labelled as an ABC. Wave A of the zigzag is currently in play as an impulsive 5 waves.

Down from wave (W), wave ((i)) ended at 1.0274, and rally in wave ((ii)) ended at 1.0364. Expect wave ((iii)) to end soon with possibly a few more marginal lows, then it should rally in wave ((iv)) in 3, 7, or 11 swing before turning lower again in wave ((v)). The 5 waves down should end wave A of (X). Pair should then rally in wave B to correct cycle from 8.10.2022 high before it resumes lower again. Short term, as far as pivot at 1.0369 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURUSD 60 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video


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