The euro moved toward the upside, reached our first target, and exceeded it by 22 pips.
Price has fulfilled the minimum requirements of this correction, so my sights are set on a temporary bearish reversal — but only when the market reaches our confirmation point.
Synopsis: By moving below 1.1603, EUR/USD is expected to move toward the downside to reach between 1.1524 and 1.1495, while it remains below 1.1725 and ideally below 1.1658.
Hourly Main Count
– Invalidation Point: 1.1725
– Confirmation Point: 1.1603
– Downward Target: 1.1524 – 1.1495
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 30th 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 is still unfolding as a double zigzag labeled pink waves w, x and y.
Pink wave y is forming a zigzag labeled green waves (a), (b) and (c).
This count expects the euro to continue moving toward the downside in green wave (c) to complete pink waves y, and therefore blue wave 4.
At 1.1481 blue wave 4 would retrace 38.2% of blue wave 3.
Main Hourly Wave Count
This main hourly count sees that green wave (c) is forming an impulse labeled orange waves i through v.
Orange wave i formed an impulse labeled violet waves 1 through 5.
Orange wave ii formed a zigzag labeled violet waves A, B and C.
Orange wave iii formed an impulse labeled violet waves 1 through 5. It reached twice the length of orange wave i.
Within it, violet wave 3 formed an extension labeled aqua waves (1) through (5).
Violet wave 5 formed an expanding ending diagonal labeled aqua waves (1) through (5), and it reached twice the length of violet wave 1.
Orange wave iv formed a double zigzag labeled violet waves W, X and Y. Its subdivisions are nice contained within a price channel.
This count expects the euro to be start moving toward the downside in orange wave v. This will be largely confirmed by movement below 1.1603.
At 1.1524 orange wave v would reach 100% the length of orange wave i, then at 1.1495 it would reach 61.8% the length of orange wave iii.
This wave count is invalidated by movement above 1.1725 as orange wave iv of this impulse may not enter the price territory of orange wave i.
Once price reaches our confirmation point, we may lower the invalidation point to the end of orange wave iv, which currently stands at 1.1658.