As expected the euro started moving towards the upside for the better part of a 100 pips, only 13 pips shy of reaching our first target. The current rally is almost complete, but not quite just yet.
I’m updating the counts to reflect the most recent price action and to present tighter targets and invalidation points.
Synopsis: By moving above 1.1252, EUR/USD is expected to move towards the upside to find very near resistance between 1.1261 and 1.1320, while it remains above 1.1197.
Hourly Main Count
– Invalidation Point: 1.1197
– Confirmation Point: 1.1252
– Upwards Target: 1.1261 – 1.1320
– Wave number: Minuette (iii)
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 31st May, 2017. Please click on the charts below to enlarge.
Main Daily Wave Count
The bigger picture sees that the euro is moving sideways in primary wave B, which is forming a running triangle labeled black waves (A) through (E).
This count sees that black wave (C) is forming a zigzag labeled blue waves A, B and C.
Blue wave C is forming an impulse labeled pink waves i through v.
Pink wave iv retraced nearly 38.2% of pink wave iii. It is most likely complete.
This count expects the euro to move a bit further towards the upside in pink wave v to complete blue wave C, and therefore black wave (C). This will be confirmed by movement above 1.1269.
At 1.1390 pink wave v would reach 61.8% the length of pink wave i, then at 1.1563 it would reach 100% of its length.
This wave count is invalidated by movement below 1.1023 as pink wave iv of this impulse may not enter the price territory of pink wave i.
Main Hourly Wave Count
This main hourly count sees that pink wave v is likely forming an impulse labeled green waves (i) through (v).
Green wave (iii) is forming an impulse labeled orange waves i through v.
Orange wave iii reached exactly 261.8% the length of orange wave i. It is most likely complete.
Orange wave iv is now unfolding as a sideways correction, and it should end fairly soon, possibly within a few hours.
This count expects the euro to move towards the upside in orange wave v to complete green wave (iii). This will be confirmed by movement above 1.1252.
At 1.1261 green wave (iii) would reach 100% the length of green wave (i), then at 1.1320 it would reach 161.8% of its length.
This wave count is invalidated by movement below 1.1197 as orange wave iv of this impulse may not enter the price territory of orange wave i.