The market rallied sharply throughout most of the day, in opposition to my previous expectation, forming a nice 5-wave impulse.
Usually this sort of developments calls for only a localized adjustment, but in this case I had to shuffle many of the labels to put the entire count in a correct, fitting order. The general picture, however, remains largely the same.
Synopsis: By moving above 1.1846, EUR/USD is expected to move towards the upside to find resistance around 1.1916, while it remains above 1.1762.
Hourly Main Count
– Invalidation Point: 1.1762
– Confirmation Point: 1.1846
– Upwards Target: 1.1916
– Wave number: Micro 3
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 31st July, 2017. Please click on the charts below to enlarge.
Main Daily Wave Count
The bigger picture sees that the euro is moving sideways in maroon wave B, which is forming a flat labeled black waves (A), (B) and (C).
Black wave (C) is forming an impulse labeled blue waves 1 through 5.
Blue wave 3 is forming an impulse labeled pink waves i through v.
Pink wave iii is forming an impulse labeled green waves (i) through (v).
This count expects the euro to be moving towards the upside in green wave (iii).
At 1.1898 green wave (iii) would reach 161.8% the length of green wave (i).
This wave count is invalidated by movement below 1.1445.
Main Hourly Wave Count
This main hourly count sees that green wave (iii) is forming an impulse labeled orange waves i through v.
Orange wave v is likely forming an impulse labeled violet waves 1 through 5.
Violet wave 3 is forming an impulse labeled aqua waves (1) through (5).
Aqua wave (3) formed an impulse labeled red waves 1 through 5.
Aqua wave (4) may unfold as any corrective structure, but it should alternate in some way with aqua wave (2). It should find support between 1.1817 and 1.1799.
This count expects the euro soon to resume moving towards the upside in aqua wave (5) to complete violet wave 3. This will be largely confirmed by movement above 1.1846.
At 1.1916 violet wave 3 would reach 161.8% the length of violet wave 1.
This wave count is invalidated by movement below 1.1762 as aqua wave (4) of this impulse may not enter the price territory of aqua wave (1).