EURUSD 29th December, 2014

As price moved lower past our invalidation point, it’s confirmed that minor wave 5 is still unfolding toward the downside. This should be viewed cautiously, however, since the downward potential should be fairly limited.

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: 1.2221
– Confirmation Point: –
– Downward Target : 1.2129 – 1.2071
– Wave number: Minute v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 29th December 2014. Please click on the charts below to enlarge.

Main Daily Wave Count

eurusd-20141219-daily-main

The bigger picture sees the euro moving towards the downside in primary wave C (of cycle wave x), which is unfolding as an impulse labeled intermediate waves (1) through (5).

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

Within it, minor wave 1 formed a leading diagonal labeled minute waves i through v.

Minor wave 2 formed a flat labeled minute waves a, b and c, retracing 38.2% of minor wave 1.

Minor wave 3 formed an impulse labeled minute waves i through v, reaching well over 261.8% the length of minor wave 1. Within it, minute waves i, iii and v each subdivided as an impulse labeled minuette waves (i) through (v).

Minor wave 4 retraced 23.6% of minor wave 3.

Minor wave 5 is forming an impulse, and it’s nearing 100% the length of minor wave 1.

This count expects minor wave 5 to continue unfolding toward the downside to complete intermediate wave (1).

At 1.2079 minor wave 5 would reach 100% the length of minor wave 1, then at 1.1776 it would reach 161.8% of its length.

This wave count is invalidated by movement above 1.2570 as this is the start of minor wave 5.

Main Hourly Wave Count

eurusd-20141219-hourly-main

This count sees minor wave 5 unfolding as an impulse labeled minute waves i through v.

Minute wave iii formed an impulse labeled minuette waves (i) through (v).

Within it, minuette waves (iii) and (v) formed impulses labeled subminuette waves i through v, while minuette wave (iv) formed a zigzag labeled subminuette waves a, b and c.

Minute wave iv formed a double zigzag labeled minuette waves (w), (x) and (y), where each consisted of subminuette waves a, b and c.

This count expects the euro to continue toward the downside in minute wave v, to complete minor wave 5, and thereby complete intermediate wave (1).

At 1.2129 minute wave v would reach 100% the length of minute wave i, then at 1.2071 it would reach 161.8% of its length.

This wave count is invalidated by movement above 1.2221 as this is the start of minute wave v.

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