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EURUSD – Have the Bulls Lost their Strength?

The euro ended the week with a very congested range-bound movement, suggesting that we may witness some strong action over the coming week.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points.

1-Day Main Count

– Invalidation Point: 1.27544 – 1.38315
– Confirmation Point: 1.3294
– Downwards Target : 1.3293 – 1.3165
– Wave number: Minuette (c)
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 29th November, 2013. Please click on the charts below to enlarge.

Main Daily Wave Count

eurusd20131129daily

The bigger picture sees the euro within primary wave B to the upside, and within that in intermediate wave (C), and within that in minor wave 3.

Within minor wave 3, minute waves i unfolded as an impulse labeled minuette waves (i) through (v) and minute wave ii is most likely unfolding as a zigzag labeled minuette waves (a), (b) and (c).

Minuette wave (a) unfolded as an impulse labeled subminuette waves 1 through 5.

Minuette wave (b) unfolded as a zigzag labeled subminuette waves a, b and c, and has retraced almost 61.8% of minuette wave (a).

Minuette wave (b) may be complete or near completion, to be followed by a continuation of downwards movement in minuette wave (c) to complete minute wave ii. This will be confirmed by movement below 1.3294, as well as by a break below the lower trend line of the channel drawn around subminuette waves a, b and c within minuette wave (b).

At 1.3293 minute wave ii would retrace 50% of minute wave i, then at 1.3165 it would retrace 61.8% of its length.

This wave count is invalidated by movement below 1.27544 as minute wave ii may not move beyond the start of minute wave i. It’s also invalidated by movement above 1.38315 as within the zigzag of minute wave ii minuette wave (b) may not move beyond the start of minuette wave (a).

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