The euro is still moving nicely in line with our main hourly count.
I’ve delayed publishing the analysis as much as I could, hoping there would be some significant updates to report, but so far the market has been rather slow. This is fine for the main count, but it doesn’t bode very well for the alternate count, which I’ve removed from today’s analysis because now its probability has become very low.
Synopsis: By moving above 1.1814 and then 1.1823, EUR/USD is expected to move towards the upside to find resistance between 1.1856 and 1.1870, while it remains above 1.1740 and ideally above 1.1773.
Hourly Main Count
– Invalidation Point: 1.1740
– Confirmation Point: 1.1814 – 1.1823
– Upwards Target: 1.1856 – 1.1870
– Wave number: Subminuette iii
– Wave structure: Actionary Corrective
– Wave pattern: Zigzag
Elliott Wave chart analysis for the EURUSD for 24th August, 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 v is forming an impulse labeled green waves (i) through (v).
Green wave (iii) reached over 161.8% the length of green wave (i).
Green wave (iv) should find support above 1.1640.
This count expects the euro ultimately to move towards the upside in green wave (v) to complete pink wave v. This will be confirmed by movement above 1.1848.
At 1.1920 pink wave v would reach 100% the length of pink waves i and iii.
This wave count is invalidated by movement below 1.1445 as green wave (iv) of this impulse may not enter the price territory of green wave (i).
Main Hourly Wave Count
This main hourly count sees that green wave green wave (v) is forming an ending diagonal labeled orange waves i through v.
Orange wave i formed a zigzag labeled violet waves A, B and C.
Orange wave ii formed a zigzag labeled violet waves A, B and C. It retraced just over 50% of orange wave i.
Orange wave iii is forming a zigzag labeled violet waves A, B and C.
Violet wave B formed a double zigzag labeled aqua waves (W), (X) and (Y). It retraced 61.8% of violet wave A, and it’s almost certainly complete.
This count expects the euro to move towards the upside in violet wave C to complete orange wave iii. This will be largely confirmed by movement above 1.1814, and it will be fully confirmed by movement above 1.1823.
At 1.1856 violet wave C would reach 100% the length of violet wave A, then at 1.1870 orange wave iii would reach 78.6% the length of orange wave i.
This wave count is invalidated by movement below 1.1740 as violet wave B of this zigzag may not move beyond the start of violet wave A.