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EURUSD 12th November, 2015

As expected the euro moved towards the upside, reached our first target and exceeded it by 26 pips, but it’s yet to reach our second target.

That said, the alternate count is still perfectly valid, so we’re not out of the Twilight Zone just yet.

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: 1.1495 – 1.0691
– Confirmation Point: 1.0831
– Upwards Target: 1.0852 – 1.0951
– Wave number: Subminuette iii
– Wave structure: Motive
– Wave pattern: Impulse

Hourly Alternate Count
– Invalidation Point: 1.0897
– Confirmation Point: 1.0691
– Downwards Target: 1.0632 – 1.0509
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 12th November, 2015. Please click on the charts below to enlarge.

Main Daily Wave Count

The bigger picture sees that the euro is moving towards the downside in cycle wave x, which is forming a double zigzag labeled primary waves W, X and Y.

Primary wave Y is forming a zigzag labeled intermediate waves (A), (B) and (C).

Intermediate wave (B) formed a double zigzag labeled minor waves W, X and Y, retracing a little less than 38.2% of intermediate wave (A), and it’s most likely complete.

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

Within it, minor wave 1 is complete.

Minor wave 2 formed a double combination labeled minute waves w, x and y, each forming a zigzag labeled minuette waves (a), (b) and (c).

This count expects the euro to be moving towards the downside in minor wave 3, which must be forming an impulse labeled minute waves i through v.

At 1.0473 minor wave 3 would reach 161.8% the length of minor wave 1, then at 0.9842 it would reach 261.8% of its length.

This wave count is invalidated by movement above 1.1495 as minute wave ii may not move beyond the start of minute wave i.

Main Hourly Wave Count

The main count sees that minute wave i is now complete, having unfolded as an impulse labeled minuette waves (i) through (v).

Minute wave ii is most likely forming a zigzag labeled minuette waves (a), (b) and (c).

Within it, minuette wave (a) seems to be forming an impulse labeled subminuette waves i through v.

Within in, subminuette wave ii formed an expanded flat labeled micro waves A, B and C, retracing over 78.6% of subminuette wave i.

This count expects the euro to be moving towards the upside in subminuette wave iii.

At 1.0852 subminuette wave iii would reach 161.8% the length of subminuette wave i, then at 1.0951 it would reach 261.8% of its length.

This wave count is invalidated by movement above 1.1495 as minute wave ii may not move beyond the start of minute wave i. It’s also invalidated by movement below 1.0691 as within subminuette wave ii a second wave may not move beyond the start of the first wave.

Alternate Hourly Wave Count

The alternate count sees that minuette wave (v) of minute wave i is still unfolding as an impulse labeled subminuette waves i through v.

Subminuette wave iii formed an impulse labeled micro waves 1 through 5, reaching exactly 200% the length of subminuette wave i.

Subminuette wave iv formed a zigzag labeled micro waves A, B and C, retracing just over 38.2% of subminuette wave iii, so it’s most likely complete.

This count expects the euro to resume moving towards the downside in subminuette wave v, to complete minuette wave (v), and therefore minute wave i. This will be confirmed by movement below 1.0691.

At 1.0632 minuette wave (v) would reach 100% the length of minuette waves (i), then at 1.0509 it would reach 161.8% of its length.

This wave count is invalidated by movement above 1.0897 as subminuette wave iv of this impulse may not enter the price territory of subminuette wave i.

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