EURUSD 30th December, 2014

As expected the euro moved toward the downside, reached our first target at 1.2129 and exceeded it by 5 pips.

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: 1.2124
– Confirmation Point: 1.2221
– Upward Target : 1.2838 – 1.3279
– Wave number: Intermediate (2)
– Wave structure: Corrective
– Wave pattern: Zigzag, Flat, or Combination

Elliott Wave chart analysis for the EURUSD for 30th 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, and therefore intermediate wave (1), to be complete and that intermediate wave (2) will soon start to unfold toward the upside. This will be initially confirmed by movement above 1.2570.

At 1.2838 intermediate wave (2) would retrace 38.2% of intermediate wave (1), then at 1.3279 it would retrace 61.8% of its length.

This wave count is invalidated by movement above 1.3993 as intermediate wave (2) may not move beyond the start of intermediate wave (1).

Main Hourly Wave Count

eurusd-20141219-hourly-main

This count sees minor wave 5 unfolded 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.

Minute wave v formed an impulse labeled minuette waves (i) through (v), reaching 5 pips over 100% the length of minute wave i.

This count expects minute wave v, and therefore minor wave 5, and therefore intermediate wave (1), to be complete and that intermediate wave (2) will soon start to unfold toward the upside. This will be initially confirmed by movement above 1.2221.

At 1.2838 intermediate wave (2) would retrace 38.2% of intermediate wave (1), then at 1.3279 it would retrace 61.8% of its length.

This wave count is invalidated by movement above 1.2124 as this is the start of intermediate wave (2).

Alternate Daily Wave Count

eurusd-20141219-daily-main

This count sees that minor wave 5 is still unfolding toward the downside.

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.

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