EURUSD 23rd November, 2018

As expected the euro moved toward the downside, reached our first target, and has come 7 pips short of reaching our second target.

There’s a reasonable possibility that this down-move is complete, in which case the market should start gunning for the targets of the daily chart. However, it’s a bit more likely that one final push downwards is in order, which is where the targets of the hourly chart come into play.

Synopsis:

By movement below 1.1327, price should move lower to between 1.1319 and 1.1305, while remaining below 1.1397 and ideally below 1.1359.

Hourly Main Count
– Invalidation Point: 1.1397
– Confirmation Point: 1.1327
– Downward Target: 1.1319 – 1.1305
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal

Elliott Wave chart analysis for the EURUSD for 23rd 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 ii is forming a zigzag labeled green waves (a), (b) and (c).

Green wave (a) formed an impulse labeled orange waves i through v.

Green wave (b) formed a double combination labeled orange waves w, x and y. It retraced a little over 61.8% of green wave (a).

Green wave (c) is forming an impulse labeled orange waves i through v.

Orange waves i, ii and iii are definitely complete.

Orange wave iv may be complete. If not, it should find resistance around 1.1359.

This count expects the euro soon to resume moving toward the downside in orange wave v to complete green wave (c), and therefore pink wave ii. This would be largely confirmed by movement below 1.1327.

At 1.1319 orange wave v would reach 61.8% the length of orange wave i, then at 1.1305 it would reach 100% of its length.

This wave count would be invalidated by movement above 1.1397 as orange wave iv of this impulse may not enter the price territory of orange wave i.

Once price moves below our confirmation point, we may lower the invalidation point to the end of orange wave iv, which currently stands at 1.1342.

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