As expected the euro moved toward the upside, reached its first target, and came midway toward reaching its second target.
Synopsis: By moving below 1.2182, EUR/USD is expected to move downward to reach between 1.2153 and 1.2120, while it remains below 1.2236 and ideally below 1.2245.
Hourly Main Count
– Invalidation Point: 1.2236
– Confirmation Point: 1.2182
– Downward Target: 1.2153 – 1.2120
– Wave number: Micro 5
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 24th April, 2018. Please click on the charts below to enlarge.
Main Daily Wave Count
This main daily count sees that the euro is still moving upward in maroon wave B, which is forming an expanded flat labeled black waves (A), (B) and (C), where black wave (C) is forming an impulse labeled blue waves 1 through 5.
Blue wave 5 is forming an impulse labeled pink waves i through v.
Pink wave iv is forming a double combination labeled green waves (w), (x) and (y).
Green waves (w) and (x) each formed a zigzag labeled orange waves a, b and c.
Green wave (y) is likely forming a flat labeled orange waves a, b and c.
Orange waves a and b are complete.
This count expects the euro to continue moving toward the downside in orange wave c to complete green wave (y), and therefore pink wave iv.
At 1.2153 orange wave c would reach 100% the length of orange wave a.
This wave count is invalidated by movement below 1.1961 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 orange wave c is forming an impulse labeled violet waves 1 through 5.
Violet wave 3 formed an extension labeled aqua waves (1) through (5). It reached exactly 261.8% the length of violet wave 1.
Violet wave 4 so far has formed an expanded flat labeled aqua waves (A), (B) and (C).
It’s possible for violet wave 4 to turn into a more complex correction and make another test of the upside. But given the strength of the preceding decline, I think the odds are in favor of the possibility that it’s complete.
This count expects the euro to move toward the downside in violet wave 5 to complete orange wave c. This will be largely confirmed by movement below 1.2182.
At 1.2153 orange wave c would reach 100% the length of orange wave a, then at 1.2120 pink wave v would reach 61.8% the length of pink wave iii.
Once price reaches our confirmation point, this wave count would be invalidated by movement above 1.2245. But until then, this wave count is invalidated by movement above 1.2336 as violet wave 4 of this impulse may not enter the price territory of violet wave 1.