As expected the euro moved towards the upside to reach our first target and exceed it by 8 pips.
We’re updating both main and alternate counts to reflect the most recent price action and to present tighter targets and invalidation points. And as usual we’ll use each count’s invalidation point as confirmation of the other count.
Hourly Main Count
– Invalidation Point: 1.34491 – 1.38324
– Confirmation Point: 1.3547
– Upwards Target : 1.3595 – 1.3640
– Wave number: Minuette (b)
– Wave structure: Corrective
– Wave pattern: Zigzag
Hourly Alternate Count
– Invalidation Point: 1.35477
– Confirmation Point: 1.3449
– Downwards Target : 1.3451 – 1.3392
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 6th November, 2013. Please click on the charts below to enlarge.
Main Daily Wave Count
The bigger picture sees the euro within primary wave B to the upside, and within that in intermediate wave (C) to the upside, and within that in minor wave 3 to the upside.
Within minor wave 3, minute waves i unfolded as an impulse labeled minuette waves (i) through (v).
This count expects that the euro is now moving downwards within minute wave ii, which is most likely unfolding as a zigzag.
So far minute wave ii has retraced almost 38.2% of minute wave i, so there’s a possibility that it’s already complete. But given the impulsive nature of this downwards movement, it’s more likely that the euro has completed or about to complete minuette wave (a), which is to be followed by an upwards correction before continuing downwards again to complete minute wave ii.
At 1.3293 minute wave ii would retrace 50% of minute wave i, and at 1.3166 it would retrace 61.8% of its length.
This wave count is invalidated by movement below 1.27554 as minute wave ii may not move beyond the start of minute wave i. It’s also invalidated by movement above 1.38324 as within the zigzag of minute wave ii minuette wave (b) may not move beyond the start of minuette wave (a).
Main Hourly Wave Count
This count sees that the euro has already completed minuette wave (a), which unfolded an impulse labeled subminuette waves i through v, and it’s now moving upwards in minuette wave (b) which is most likely unfolding as a zigzag labeled subminuette waves a, b and c.
Subminuette wave a formed an impulse labeled micro waves 1 through 5.
Micro wave 3 reached 161.8% the length of micro wave 1.
Micro wave 4 formed a running flat labeled submicro waves (a), (b) and (c), where submicro wave (b) retraced 138.2% of submicro wave (a) and submicro wave (c) was equal in length to submicro wave (a).
Micro wave 5 reached 61.8% the length of micro waves 1 through 3.
This count expects that subminuette wave a is now complete and that the euro is now moving downwards in subminuette wave b, which is likely to end soon, giving way to another upwards movement in subminuette wave c to complete minuette wave (b).
At 1.3595 minuette wave (b) would retrace 38.2% of minuette wave (a), and at 1.3640 it retraced 50% of its length.
This wave count is invalidated by movement above 1.38324 as minuette wave (b) within this zigzag may not move beyond the start of minuette wave (a). It’s also invalidated by movement below 1.34491 as within the zigzag of minuette wave (b) subminuette wave b may not move beyond the start of subminuette wave a.
Alternate Hourly Wave Count
This count examines the possibility that the euro has just finished subminuette wave iv of minuette wave (a), which unfolded as a flat correction labeled micro waves A, B and C.
Micro wave A formed a zigzag labeled submicro waves (A), (B) and (C).
Micro wave B formed a triple combination labeled submicro waves (W), (X), (Y), (X) and (Z), retracing just over 90% of micro wave A.
Micro wave C formed an impulse labeled submicro waves (1) through (5).
This count expects the euro to continue moving downwards in subminuette wave v to complete minuette wave (a). At 1.3451 subminuette wave v would reach 100% the length of subminuette wave i, and at 1.3392 it would reach 161.8% of its length.
This wave count is invalidated by movement above 1.35477 as within subminuette wave v no second wave may move beyond the start of the first wave.