As expected the euro moved toward the downside and reached our targets, but the decline is now too long for the main count to remain preferable.
The next most fitting count is that the entire movement since the low of August 14 is part of a flat correction.
The euro will likely move downwards to reach between 1.1584 and 1.1576, while remaining 1.1651.
Hourly Main Count
– Invalidation Point: 1.1651
– Confirmation Point: –
– Downward Target: 1.1584 – 1.1576
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 27th September, 2018. Please click on the charts below to enlarge.
Main Daily Wave Count
This main daily count sees that the euro is moving toward the downside in an impulse labeled black waves (1) to (5).
Black wave (1) formed an impulse labeled blue waves 1 to 5.
Black wave (2) is forming a flat labeled blue waves A, B and C.
Blue wave A formed a double zigzag labeled pink waves w, x and y.
This count expects the euro to move toward the downside in blue wave B. This will be confirmed by movement below 1.1525.
At 1.1410 blue wave B would retrace 78.6% of blue wave A, then at 1.1300 it would retrace 100% of its length.
Main Hourly Wave Count
This main hourly count sees that blue wave B is forming a zigzag labeled pink waves a, b and c.
Pink wave a is forming an impulse labeled green waves (i) through (v).
Green wave (iii) is forming an impulse labeled orange waves i through v.
Orange waves i through iv are almost certainly complete.
This count expects the euro to move toward the downside in orange waves v to complete green wave (iii).
At 1.1584 orange wave v would reach 100% the length of orange wave i, then at 1.1576 green wave (iii) would reach 261.8% the length of green wave (i).
This wave count is invalidated by movement above 1.1651.