EURUSD 27th June, 2014

As expected the euro moved towards the upside, reached our confirmation point, and it’s still expected to continue towards our specified targets.

The subdivisions of the current wave are not clear yet, but the picture remains the same.

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

Hourly Main Count
– Invalidation Point: 1.3577
– Confirmation Point: –
– Upwards Target : 1.3664 – 1.3696
– Wave number: Subminuette c
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 27th June 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, C and D are complete.

Primary wave E is unfolding towards the downside most likely as a zigzag labeled intermediate waves (A), (B) and (C).

Intermediate wave (A) is probably forming an impulse labeled minor waves 1 through 5.

Minor wave 1 formed a leading diagonal labeled minute waves i through v.

Minor wave 2 is most likely unfolding as a flat labeled minute waves a, b and c. Within it, minute waves a and b are most likely complete.

This count expects that minute wave c is now unfolding towards the upside, as an ending diagonal labeled minuette waves (i) through (v), to complete minor wave 2.

The MACD indicator supports this count by showing a bullish crossover.

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

At 1.3691 minor wave 2 would retrace 38.2% of minor wave 1, then at 1.3807 it would retrace 61.8% of its length.

This wave count is invalidated by movement above 1.3995 as minor wave 2 may not move beyond the start of minor wave 1. It’s also invalidated by movement below 1.3514 as minuette wave (ii) may not move beyond the start of minuette wave (i).

Main Hourly Wave Count

eurusd-h1

eurusd-macd-h1

This count sees that minute wave c is unfolding towards the upside as an ending diagonal labeled minuette waves (i) through (v).

Minuette wave (i) formed a zigzag labeled subminuette waves a, b and c.

Minuette wave (ii) formed as a zigzag labeled subminuette waves a, b and c, retracing nearly 61.8% of minuette wave (i), so it’s most likely complete.

Minuette wave (iii) is unfolding towards the upside as a zigzag labeled subminuette waves a, b and c.

Subminuette wave a formed an expanding leading diagonal labeled micro waves 1 through 5, each subdividing into a zigzag labeled submicro waves (A), (B) and (C).

Subminuette wave b formed a deep zigzag labeled micro waves A, B and C. Within it, micro wave B retraced exactly 61.8% the length of micro wave A, and micro wave C reached exactly 261.8% the length of micro wave A, so it’s most likely complete.

This count expects the euro to resume its upwards movement in subminuette wave c to complete minuette wave (iii).

The MACD indicator supports this count by showing a bullish crossover.

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

At 1.3664 subminuette wave c would reach 100% the length of subminuette wave a, then at 1.3696 minuette wave (iii) would reach 100% the length of minuette wave (i).

This wave count is invalidated by movement below 1.3577 as this is the assumed start of subminuette wave c.

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