EURUSD 24th April, 2017

The market had a perfectly flat day where price kept bouncing within a tight range of 50 pips.

This leaves both of our previous counts pretty much intact, with only minor changes to the labeling of the alternate count.

I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.

Synopsis: EUR/USD is expected to move down to find support between 1.0781 and 1.0682, while remaining below 1.0941. By movement above 1.0941, EUR/USD is expected to move up to find resistance around 1.0981, while remaining above 1.0777.

Hourly Main Count
– Invalidation Point: 1.0941
– Confirmation Point: –
– Downwards Target: 1.0781 – 1.0682
– Wave number: Minute i
– Wave structure: Motive
– Wave pattern: Impulse or Leading Diagonal

Hourly Alternate Count
– Invalidation Point: 1.0777
– Confirmation Point: 1.0941
– Upwards Target: 1.0981
– Wave number: Minuette (c)
– Wave structure: Motive
– Wave pattern: Impulse

Elliott Wave chart analysis for the EURUSD for 24th April, 2017. Please click on the charts below to enlarge.

Main Daily Wave Count

The bigger picture on this daily chart sees that blue wave 2 formed a triple zigzag labeled pink waves w through z. It retraced 61.8% of blue wave 1, and it’s either complete or very near completion.

This count expects the euro to move towards the downside in blue wave 3. This will be confirmed by movement below 1.0570.

At 0.9964 blue wave 3 would reach 100% the length of blue wave 1, then at 0.9371 it would reach 161.8% of its length.

This wave count is invalidated by movement above 1.1300 as blue wave 2 may not move beyond the start of blue wave 1.

Once the market reaches our confirmation point, we may lower the invalidation point to the end of blue wave 2, which currently stands at 1.0941.

Main Hourly Wave Count

This main hourly count sees that blue wave 3 is forming an impulse labeled pink waves i through v.

Pink wave i is likely forming an impulse labeled green waves (i) through (v).

Green wave (ii) is forming a double zigzag labeled orange waves w, x and y. It should find resistance between 1.0881 and 1.0895.

This count expects the euro to move towards the downside in pink wave i.

At 1.0781 price would retrace 61.8% of the previous green wave (c), then at 1.0682 it would retrace 100% of its length.

This wave count is invalidated by movement above 1.0941 as green wave (ii) may not move beyond the start of green wave (i).

Alternate Hourly Wave Count

This alternate hourly count sees that green wave (c) of pink wave y of blue wave 2 is forming an impulse labeled orange waves i through v.

Orange wave iv is forming a zigzag labeled violet waves A, B and C. It should find support between 1.0824 and 1.0811.

This count expects the euro soon to move towards the upside in orange wave v to complete green wave (c). This will be confirmed by movement above 1.0941.

At 1.0981 green wave (c) would reach 100% the length of green wave (a).

This wave count is invalidated by movement below 1.0777 as orange wave iv of this impulse may not enter the price territory of orange wave i.

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