⚡️ Don't miss video updates 🔥

EURUSD 14th April, 2016

Today the market continuing moving unsteadily towards the downside for another 50 pips, in spite of clearly rising momentum. This leaves both of our counts perfectly valid, with only minor modifications to the recent labels.

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: 1.1465
– Confirmation Point: 1.1234
– Downwards Target: 1.1221 – 1.1175
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Hourly Alternate Count
– Invalidation Point: 1.1186
– Confirmation Point: 1.1465
– Upwards Target: 1.1458 – 1.1519
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 14th April, 2016. Please click on the charts below to enlarge.

Main Daily Wave Count

The bigger picture sees that the euro has been moving sideways in intermediate wave (B), which is forming a contracting triangle labeled minor waves A through E.

Within it, minor wave C formed a double zigzag labeled minute waves w, x and y.

Within it, minute wave y formed a zigzag labeled minuette waves (a), (b) and (c).

This count expects the euro to move towards the downside in minor wave D, which is likely forming a zigzag labeled minute waves a, b and c.

The MACD indicator supports this count by showing a clear bearish divergence between the highs of minutes waves w and y, as well as a bearish crossover.

At 1.0886 minor wave D would retrace 61.8% of minor wave C, then at 1.0727 it would reach 61.8% the length of minor wave B.

This wave count is invalidated by movement above 1.1714 as minor wave C may not move beyond the start of minor wave B. It’s also invalidated by movement below 1.0525 as minor wave D may not move beyond the start of minor wave C.

Main Hourly Wave Count

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

Within it, minuette wave (i) is forming an impulse labeled subminuette waves i through v.

Within it, subminuette wave iv formed a zigzag labeled micro waves A, B and C, retracing 38.2% of subminuette wave iii.

This count expects the euro to move towards the downside in subminuette wave v to complete minuette wave (i). This will be largely confirmed by movement below 1.1234.

At 1.1221 subminuette wave v would reach 61.8% the length of subminuette wave i, then at 1.1175 it would reach 100% of its length.

This wave count is invalidated by movement above 1.1345 as subminuette wave iv of this impulse may not enter the price territory of subminuette wave i.

Alternate Hourly Wave Count

This alternate count sees that minuette wave (c) — of minute wave y of minor wave C — is still unfolding.

Within it, subminuette wave iv formed an expanded flat labeled micro waves A, B and C.

Within it, micro wave C formed an impulse labeled submicro waves (1) through (5), and it’s either complete or near completion.

This count expects the euro to move towards the upside in subminuette wave (v), to complete minute wave y, and therefore minor wave C. This will be confirmed by movement above 1.1465.

At 1.1458 subminuette wave v would reach 78.6% the length of subminuette wave iii, then at 1.1519 it would reach 100% of its length.

This wave count is invalidated by movement below 1.1186 as subminuette wave iv of this impulse may not enter the price territory of subminuette wave i.

5 thoughts on “EURUSD 14th April, 2016”

    1. Yup, I was assuming wave 1 would be a leading diagonal, and those 3 waves you spotted were the first zigzag within that diagonal. I’ll be including a labeled count in the upcoming analysis 🙂

  1. That call fell apart. From what I can tell the up correction is over and we’ve broken the uptrend line on the latest wave, I am going short here with a stop at this am’s top. Good luck and good trading, you guys are awesome.

Comments are closed.

Scroll to Top