EURUSD 24th June, 2015

As expected under our alternate count, the euro spent the day moving sideways to upwards, reached our first target at 1.1200, and missed our second target at 1.1240 by only 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: 1.1292
– Confirmation Point: 1.1135
– Downwards Target: 1.1120 – 1.1065
– Wave number: Minuette (v)
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 24th June, 2015. Please click on the charts below to enlarge.

Main Daily Wave Count

The bigger picture sees that the euro is still moving towards the downside in primary wave C, which is forming an impulse labeled intermediate waves (1) through (5).

Intermediate wave (3) formed an impulse labeled minor waves 1 through 5, reaching exactly 161.8% the length of intermediate wave (1).

Intermediate wave (4) formed a flat labeled minor waves A, B and C, retracing just over 38.2% of intermediate wave (3).

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

Minor wave 1 is complete.

Minor wave 2 formed a very deep zigzag labeled as minute waves a, b and c.

This count expects the euro to continue moving towards the downside in minor wave 3. This will be confirmed by movement below 1.0819.

At 1.0788 minor wave 3 would reach 100% the length of minor wave 1, then at 1.0388 it would reach 161.8% of its length.

This wave count is invalidated by movement above 1.1467 as minor wave 2 may not move beyond the start of minor wave 1.

Main Hourly Wave Count

This count sees that minute wave i of minor wave 3 is forming an impulse labeled minuette waves (i) through (v).

Minuette wave (ii) formed a double zigzag labeled subminuette waves w, x and y, retracing over 78.6% of minuette wave (i).

Minuette wave (iii) formed an impulse labeled subminuette waves i through v.

Minuette wave (iv) has most likely formed a triangle labeled subminuette waves a through e, and it should be very near completion.

This count expects minuette wave (v) to start moving towards the downside to complete minute wave i. This will be confirmed by movement below 1.1135.

At 1.1120 minuette wave (v) would reach 61.8% the length of minuette wave (i), then at 1.1065 it would reach 100% of its length.

This wave count is invalidated by movement above 1.1292 as minuette wave (iv) of this impulse may not enter the price territory of minuette wave (i). Once price reaches our confirmation point, we may lower the invalidation point to the end of minuette wave (iv), which currently stands at 1.1210.

Alternate Daily Wave Count

The alternate daily count tracks the possibility that the euro is starting a significant uptrend in cycle wave y, which may be unfolding as a zigzag labeled primary waves A, B and C, where primary wave A is forming an impulse labeled intermediate waves (1) through (5).

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

Minor wave 2 formed a zigzag labeled minute waves a, b and c.

Minor wave 3 is forming an impulse labeled minute waves i through v.

Minute wave i formed an impulse labeled minuette waves (i) through (v), with minuette wave (iii) forming an extension labeled subminuette waves i through v.

Minute wave ii is forming a flat correction labeled minuette waves (a), (b) and (c).

Both minuette waves (a) and (b) formed zigzags labeled subminuette waves a, b and c.

This count expects the euro to move towards the downside in minuette wave (c) to complete minute wave ii.

At 1.0882 minute wave ii would retrace 61.8% of minute wave i, then at 1.0722 it would retrace 78.6% of its length.

This wave count is invalidated by movement below 1.0520 as minute wave ii may not move beyond the start of minute wave i.

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