The Euro is still wandering around in a largely corrective fashion without a clear direction.
I’m starting to see a different pattern on the daily chart, and it’s one that fits quite nicely with the current main count.
Synopsis: The Euro is likely to push upward very slightly to reach between 1.1749 to 1.1763, while it remains below 1.1791.
Hourly Main Count
– Invalidation Point: 1.1791
– Confirmation Point: –
– Upward Target: 1.1749 – 1.1763
– Wave number: Minute e
– Wave structure: Corrective
– Wave pattern: Double Zigzag
Elliott Wave chart analysis for the EURUSD for 25th July, 2018. Please click on the charts below to enlarge.
Main Daily Wave Count
This main daily count sees that the euro completed maroon wave B and is now moving in a new downtrend in maroon wave C.
Maroon wave C is forming an impulse labeled black waves (1) to (5).
Black wave (1) is forming an impulse labeled blue waves 1 to 5.
Blue wave 4 is forming a running triangle labeled pink waves a through e.
Pink waves a, b, c and d are complete. The maximum for pink wave e is at 1.1791.
This count expects the euro very soon to start moving toward the downside in blue waves 5. This will be confirmed by movement below 1.1575.
At 1.1390 blue wave 5 would reach 100% the length of blue wave 1, then at 1.1142 it would reach 161.8% of its length. These targets are calculated from the end of pink wave c, and they will be updated once we confirm that blue wave 4 is complete.
This wave count is invalidated by movement above 1.1791 as pink wave e of this triangle may not move beyond the start of pink wave d.
Main Hourly Wave Count
This main hourly count sees that pink wave e is forming a double zigzag labeled green waves (w), (x) and (y).
Green wave (y) is formed a zigzag labeled orange waves a, b and c.
This count expects the euro to move toward the upside in orange wave c to complete green wave (y), and therefore pink wave e.
At 1.1749 green wave (y) would reach 100% the length of green wave (w), then at 1.1763 pink wave e would reach 61.8% the length of pink wave c.
This wave count is invalidated by movement above 1.1791 as pink wave e of this triangle may not move beyond the start of pink wave d. It’s also invalidated by movement below 1.1663, which would be an early signal that blue wave 4 is complete.