As expected the euro moved toward the downside, and came only 2 pips short of reaching its first target.
I delayed the analysis today hoping the market will give us some new updates, and I think we now have them.
Synopsis: By moving above 1.2188 and then 1.2245, EUR/USD is expected to move upward to reach an initial target of 1.2414, while it remains above 1.2155.
Hourly Main Count
– Invalidation Point: 1.2155
– Confirmation Point: 1.2188 – 1.2245
– Upward Target: 1.2414
– Wave number: Minute v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 25th 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 formed a double combination labeled green waves (w), (x) and (y). It retraced nearly 50% of pink wave iii, and it’s very likely complete.
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, and orange wave c reached exactly 100% the length of orange wave a, so it’s also very likely complete.
Price is now at a very significant level, where there’s both horizontal and trendline support, Fibonacci retracement, and pattern completion. It’s a perfect storm of support.
This count expects the euro to start moving toward the upside in pink wave v to complete blue wave 5, and therefore black wave (C), and therefore maroon wave B. This will be confirmed by movement above 1.2414.
At 1.2563 pink wave v would reach 100% the length of pink wave i, then at 1.2645 maroon wave B would retrace 61.8% of maroon wave A.
Once price reaches our confirmation point, this wave count would be invalidated by movement below 1.2155. Until then, 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 formed 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 formed an expanded flat labeled aqua waves (A), (B) and (C).
Violet wave 5 formed an impulse labeled aqua waves (1) through (5).
This count expects the euro to start moving toward the upside in pink wave v to complete blue wave 5, and therefore black wave (C), and therefore maroon wave B.
This will be very initially confirmed by movement above 1.2188, where price would break above the high of aqua wave (4), as well as the resistance trendlines of the smallest two wave degrees. Then it will be largely confirmed by movement above 1.2245.
At 1.2414 pink wave v would reach the start of orange wave b of the previous green wave (y) of pink wave iv.
Once price reaches our confirmation point, this wave count would be invalidated by movement below 1.2155.