As expected the euro moved toward the upside, reached both of our targets, and exceeded the second target by 20 pips so far.
That said, the subdivision of this entire upswing is still very erratic and ambiguous. I’ve made another modification to its internal labels, but it’s important to keep in mind that these are very tentative and subject to change at any point.
Price should continue higher to around 1.1484, while remaining above 1.1270 and ideally above 1.1321.
Hourly Main Count
– Invalidation Point: 1.1270 – 1.1321
– Confirmation Point: 1.1420
– Upward Target: 1.1484
– Wave number: Minuette (iii)
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 16th November, 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 formed a triple zigzag labeled pink waves w, y and z.
Blue wave C is likely forming an impulse labeled pink waves i through v.
This count expects the euro to move toward the upside in blue wave C to complete black wave (2). This will be confirmed by movement above 1.1500.
At 1.1729 blue wave C would reach 100% the length of blue wave A, then at 1.2047 it would reach 161.8% of its length.
This wave count would be invalidated by movement below 1.1215 as pink wave ii may not move beyond the start of pink wave i.
Main Hourly Wave Count
This main hourly count sees that pink wave i is likely forming an impulse labeled green waves (i) through (v).
Green wave (i) formed a leading diagonal labeled orange waves i through v.
Green wave (ii) formed an expanded flat labeled orange waves a, b and c. It retraced nearly 61.8% of green wave (i).
Green wave (iii) is forming an impulse labeled orange waves i through v.
Orange wave i formed an expanding leading diagonal labeled violet waves 1 through 5.
Orange wave ii formed an expanded flat labeled violet waves A, B and C.
This count expects the euro to continue moving toward the upside in orange waves iii, iv, and v, to complete green wave (iii). This would be somewhat confirmed by movement above 1.1420.
At 1.1484 green wave (iii) would reach 161.8% the length of green wave (i).