As the euro moved above 1.1623, I’m starting to see the potential for further advance toward 1.1700, and possibly a bit beyond it.
Synopsis: As price moves above 1.1639, the euro will likely move upwards to reach between 1.1646 and 1.1655, while it remains above 1.1580 and ideally above 1.1610.
Hourly Main Count
– Invalidation Point: 1.1580
– Confirmation Point: 1.1639
– Upward Target: 1.1646 – 1.1655
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 24th August, 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) formed an impulse labeled blue waves 1 to 5.
This count sees that black wave (1) is complete and expects the euro to move toward the upside in black wave (2). This has been almost fully confirmed by movement above 1.1628, and it will be completely confirmed by movement above 1.1748.
At 1.1780 black wave (2) would retrace 38.2% of black wave (1), at 1.1928 it would retrace 50% of its length, then at 1.2076 it would retrace 61.8% of its length.
This wave count is invalidated by movement above 1.2555 as black wave (2) may not move beyond the start of black wave (1).
Main Hourly Wave Count
This count sees that black wave (2) is likely unfolding as a flat labeled blue waves A, B and C.
Blue wave A is likely forming a zigzag labeled pink waves a, b and c.
Pink wave a formed an impulse labeled green waves (i) through (v).
Pink wave b formed a triple zigzag labeled green waves (w), (y) and (z).
Pink wave c is forming an impulse labeled green waves (i) through (v).
Green wave (iii) is forming an extension labeled orange waves i through v.
Orange waves i, ii and iii are definitely complete, and it’s very likely that orange wave iv is complete as well.
This count expects the euro to be moving toward the upside in orange wave v to complete green wave (iii). This will be confirmed by movement above 1.1639.
At 1.1646 orange wave v would reach 61.8% the length of orange wave iii, then at 1.1655 it would reach 100% the length of orange wave i.
Once the market reaches our confirmation point, this wave count is invalidated by movement below 1.1610.