As expected the euro completed its the decline once the market hit the midpoint between our two expected targets, and then broke above the invalidation point to the upside, almost fully confirming that a new rally has begun.
By movement above 1.1387, price should move a little higher to between 1.1390 and 1.1407, while remaining above 1.1294 and ideally above 1.1363.
Hourly Main Count
– Invalidation Point: 1.1363 – 1.1294
– Confirmation Point: 1.1387
– Upward Target: 1.1390 – 1.1407
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 28th 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 pink wave iii. This will be confirmed by movement above 1.1472.
At 1.1523 pink wave iii would reach 100% the length of pink wave i, then at 1.1682 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.
Once price moves above our confirmation point, we may raise the invalidation point to the end of pink wave ii, which currently stands at 1.1267.
Main Hourly Wave Count
This main hourly count sees that pink wave ii is complete and pink wave iii is forming an impulse labeled green waves (i) through (v).
Green wave (i) is forming an impulse labeled orange waves i through v.
Orange wave iii reached 423.6% the length of orange wave i.
Orange wave iv retraced nearly 23.6% of orange wave iii. It’s very likely complete.
This count expects the euro to move toward the upside in orange wave v, to complete green wave (i). This would be largely confirmed by movement above 1.1387.
At 1.1390 orange wave v would reach 100% the length of orange wave i, then at 1.1407 it would reach 161.8% of its length.
This wave count would be invalidated by movement below 1.1294 as orange wave iv of this impulse may not enter the price territory of orange wave i.
Once price moves above our confirmation point, we may raise the invalidation point to the end of orange wave iv, which currently stands at 1.1363.