⚡️ Don't miss video updates 🔥

EURUSD 14th March, 2014

As expected the euro moved towards the upside to reach both of our targets and exceed them by 17 pips.

We’re updating our counts to reflect the most recent price action and to present tighter targets and invalidation points. As usual we’ll use each count’s invalidation point to confirm the other count.

Hourly Main Count
– Invalidation Point: 1.3894
– Confirmation Point: 1.3936
– Upwards Target : 1.3936 – 1.3961
– Wave number: Miniscule 5
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Hourly Alternate Count
– Invalidation Point: –
– Confirmation Point: 1.3894
– Downwards Target : 1.3854 – 1.3844
– Wave number: Submicro (B)
– Wave structure: Corrective
– Wave pattern: Zigzag, Flat, or Combination

Elliott Wave chart analysis for the EURUSD for 14th March 2014. Please click on the charts below to enlarge.

Main Daily Wave Count

eurusd-daily

eurusd-macd-daily

The bigger picture sees the euro moving sideways in cycle wave x, which is forming a contracting triangle labeled primary waves A through E.

Within it, primary waves A, B and C are complete.

Primary wave D is possibly forming a double zigzag labeled intermediate waves (W), (X) and (Y), where intermediate waves (W) and (X) are complete.

Intermediate wave (Y) is unfolding as a zigzag labeled minor waves A, B and C.

Minor wave A formed an impulse labeled minute waves i through v.

Minor wave B formed a zigzag labeled minute waves a, b and c.

Minor wave C is forming an impulse labeled minute waves i through v.

Within it, minute wave i formed an impulse labeled minuette waves (i) through (v).

Minute wave ii formed a zigzag labeled minuette waves (a), (b) and (c).

Minute wave iii is unfolding as an impulse, and within it minuette waves (i) and (ii) are complete.

Minuette wave (iii) is forming an extension labeled subminuette waves i through v.

This count expects the euro to continue moving towards the upside to form the rest of the subdivisions within minuette wave (iii).

The MACD indicator supports this count by showing bullish momentum. However, this is still inconclusive, as there exists a bearish divergence as well, so we’ll have to wait for more data.

In terms of candlestick analysis, no definitive pattern appears at this point.

At 1.4118 minuette wave (iii) would reach 161.8% the length of minuette wave (i).

This wave count is invalidated by movement below 1.3642 as subminuette wave ii may not move beyond the start of subminuette wave i.

Main Hourly Wave Count

eurusd-h1

eurusd-macd-h1

This count sees that subminuette wave i unfolded as an impulse labeled micro waves 1 through 5.

Subminuette wave ii is now unfolding towards the downside either as a zigzag, a flat, or a combination. We’ll assume the most common pattern for now, counting subminuette wave ii as a zigzag labeled micro waves A, B and C.

Micro wave A is complete.

Micro wave B is unfolding as a flat labeled submicro waves (A), (B) and (C).

Submicro waves (A) and (B) are complete, and submicro waves (C) is unfolding as an impulse labeled miniscule waves 1 through 5.

Miniscule waves 1 through 4 are complete.

This count expects miniscule wave 5 to continue unfolding towards the upside to complete submicro wave (C) of micro wave B.

The MACD indicator neither confirms nor contradicts this count.

In terms of candlestick analysis, no clear pattern appears at this point.

At 1.3936 miniscule wave 5 would reach 61.8% the length of miniscule wave 3, then at 1.3961 it would reach 100% of its length.

This wave count is invalidated by movement below 1.3894 as miniscule wave 4 may not enter the price territory of miniscule wave 1.

Alternate Hourly Wave Count

eurusd-h1

This count sees micro wave B unfolding as a flat labeled submicro waves (A), (B) and (C).

Submicro wave (A) unfolded as a double zigzag labeled miniscule waves W, X and Y.

Submicro wave (B) is probably unfolding as a zigzag labeled miniscule waves A, B and C.

This count expects the euro to continue moving downwards to complete submicro wave (B).

At 1.3854 submicro wave (B) would retrace 90% of submicro wave (A), fulfilling the requirement of a flat correction, then at 1.3844 it would retrace 100% of its length.

No invalidation point can be placed for this count at this point, as submicro wave (B) may be unfolding as an expanded flat.

Scroll to Top