I expected the euro to have another, very limited decline before resuming its advance, but it decided to skip the decline and immediately march upwards for 120 pips.
The main daily count has now been highly confirmed, and I’m proposing a work-in-progress, somewhat speculative count on the hourly chart.
By moving above 1.1485, price should move higher to reach between 1.1492 and 1.1523, while remaining above 1.1269 and ideally above 1.1402.
Hourly Main Count
– Invalidation Point: 1.1269 – 1.1402
– Confirmation Point: 1.1485
– Upward Target: 1.1492 – 1.1523
– Wave number: Subminuette c
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 20th December, 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 combination labeled pink waves w, y and z.
Pink wave z formed a contracting triangle labeled green waves (a) through (e).
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 further confirmed by movement above 1.1499.
At 1.1783 blue wave C would reach 100% the length of blue wave A, then at 1.2101 it would reach 161.8% of its length.
This wave count would be invalidated by movement below 1.1269 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 forming a leading diagonal labeled green waves (i) through (v).
Green wave (i) formed a zigzag labeled orange waves a, b and c.
Green wave (ii) also formed a zigzag labeled orange waves a, b and c. It retraced 38.2% of green wave (i).
Green wave (iii) is also forming a zigzag labeled orange waves a, b and c.
Orange wave b retraced 50% of orange wave a.
This count expects the euro to move toward the upside in orange wave c to complete green wave (iii). This will be confirmed by movement above 1.1485.
At 1.1492 orange wave c would reach 61.8% the length of orange wave a, then at 1.1524 it would reach 100% of its length.
This wave count would be invalidated by movement below 1.1269 as green wave (ii) may not move beyond the start of green wave (i). It would also be largely invalidated by movement below 1.1402 as orange wave b of this zigzag may not move beyond the start of orange wave a.