After a 20-pip decline below the previous support, the euro seems to be picking up speed toward the upside. The confirmation point of the main count hasn’t been reached yet, but it seems to be just a matter of time.
By movement above 1.1432, price should continue higher to between 1.1525 and 1.1642. Once it moves above 1.1432, it should remain above 1.1335.
Hourly Main Count
– Invalidation Point: 1.1335
– Confirmation Point: 1.1432
– Upward Target: 1.1525 – 1.1642
– Wave number: Minuette (c)
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 26th October, 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.
Blue wave B is 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 is forming an expanded flat labeled green waves (a), (b) and (c).
This count expects the euro soon to be moving toward the upside in green wave (c) to complete pink wave b.
At 1.1578 pink wave b would retrace 38.2% of pink wave a, then at 1.1668 it would retrace 61.8% of its length.
Main Hourly Wave Count
This main hourly count sees that green wave (b) formed a double zigzag labeled orange waves w, x and y.
Orange wave y formed a zigzag labeled violet waves A, B and C. It reached over 100% the length of orange wave w.
Violet wave C formed an ending diagonal labeled aqua waves (1) through (5). It exceeded 100% the length of violet wave A.
Aqua wave (5) reached 61.8% the length of aqua wave (3).
This count expects the euro to start moving toward the upside in green wave (c) to complete pink wave b. This would be confirmed by movement above 1.1432.
This count is supported by the presence of a series of bullish divergence on the MACD.
At 1.1525 green wave (c) would reach 100% the length of green wave (a), then at 1.1642 it would reach 161.8% of its length.
Once the confirmation point is reached, this wave count is invalidated by movement above 1.1335.