Instead of moving slowly upwards as expected, the euro had a relatively strong decline of about 115 pips.
The daily count remains the same. The hourly count, on the other hand, has been updated to present the current most likely scenario.
Once price hits its upper invalidation point on the hourly chart, we set our sight toward the targets of the daily chart.
By moving below 1.1355, price should move lower to reach between 1.1352 and 1.1349, while remaining above 1.1269 and below 1.1442.
Hourly Main Count
– Invalidation Point: 1.1269 – 1.1442
– Confirmation Point: 1.1355
– Downward Target: 1.1352 – 1.1349
– Wave number: Minuette (c)
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 21st 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 completed an impulse and pink wave ii is forming a flat labeled green waves (a), (b) and (c).
Green wave (c) is forming an impulse labeled orange waves i through v.
Orange wave iii formed an impulse and reached 261.8% the length of orange wave i.
Orange wave iv retraced nearly 38.2% of orange wave iii.
This count expects the euro soon to move toward the downside in orange wave v to complete green wave (c). This will be confirmed by movement below 1.1355.
At 1.1352 pink wave ii would retrace 61.8% of pink wave i, then at 1.1349 green wave (c) would reach 161.8% the length of green wave (a).
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. It would also be invalidated by movement above 1.1422 as orange wave iv of this impulse may not enter the price territory of orange wave i.