The euro continued to move upward in a slow, consistent manner.
Synopsis: EUR/USD is expected to move toward the downside to reach between 1.1814 and 1.1800, while it remains above 1.1770.
Hourly Main Count
– Invalidation Point: 1.1770
– Confirmation Point: N/A
– Downward Target: 1.1814 – 1.1800
– Wave number: Subminuette iv
– Wave structure: Corrective
– Wave pattern: Zigzag, Flat, Triangle, or Combination
Elliott Wave chart analysis for the EURUSD for 25th October, 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 formed an impulse labeled pink waves i through v, and reached well over 261.8% the length of blue wave 1.
Blue wave 4 completed a zigzag labeled pink waves a, b and c.
Blue wave 5 is forming an impulse labeled pink waves i through v.
This count expects the euro to be moving toward the upside in pink waves iii, iv and v to complete blue wave 5.
At 1.2157 blue wave 5 would reach 100% the length of blue wave 1, then at 1.2459 it would reach 161.8% of its length.
This wave count is invalidated by movement below 1.1669 as pink wave ii may not move beyond the start of pink wave i.
Main Hourly Wave Count
This main hourly count sees that pink wave iii is forming an impulse labeled green waves (i) through (v).
Green wave (i) is likely forming an impulse labeled orange waves i through v.
Orange wave ii formed a complex expanded correction labeled violet waves W, X and Y. It retraced 38.2% of orange wave i.
Orange wave ii formed an impulse labeled violet waves 1 through 5. It reached 161.8% the length of orange wave i. It’s either complete or near completion.
This count expects the euro to move sideways to downward in orange wave iv.
At 1.1814 orange wave iv would retrace 23.6% of orange wave iii, then at 1.1800 it would retrace 38.2% of its length.
This wave count is invalidated by movement below 1.1770 as orange wave iv of this impulse may not enter the price territory of orange wave i.
Alternate Daily Wave Count
This alternate count sees that blue wave 4 is still unfolding as a zigzag labeled pink waves a, b and c.
Pink wave a formed an impulse labeled green waves (i) through (v).
Pink wave b is likely still unfolding, but its subdivisions are so unclear on this time frame that there’s a possibility it may already be complete.
This count expects the euro soon to move toward the downside in pink waves c to complete blue wave 4. This will be confirmed by movement below 1.1669.
At 1.1418 blue wave 4 would retrace 38.2% of blue wave 3.
This wave count is invalidated by movement above 1.2092 as pink wave b of this zigzag may not move beyond the start of pink wave a.