As expected the euro moved toward the upside, reached our first target at 1.1390, and exceeded it by 11 pips. The market has been trying since then to retest that level.
The main count posits that the upward potential of this rally has become fairly limited, but the pattern is probably still incomplete, which means price is likely to attempt another, extremely modest push upward.
By movement above 1.1401, price should move a little higher, while remaining above 1.1348 and below 1.1422.
Hourly Main Count
– Invalidation Point: 1.1348
– Confirmation Point: 1.1401
– Upward Target: 1.1422
– Wave number: Subminuette v
– Wave structure: Motive
– Wave pattern: Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 29th 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 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 formed an expanded flat labeled violet waves A, B and C.
Orange wave v is most likely forming an ending diagonal labeled violet waves 1 through 5.
This count expects the euro to move toward the upside in orange wave v, to complete green wave (i). This would be confirmed by movement above 1.1401.
At 1.1422 orange wave v would reach 61.8% the length of orange wave iii.
This wave count would be invalidated by movement below 1.1348 as violet wave 2 may not move beyond the start of violet wave 1.