The euro had a moderate rally that remained within the parameters of the hourly count, and has actually improved its wave structure and relationships. Other than adjusting its targets accordingly, the count itself remains essentially the same.
Remember: the daily chart assumes the completion of a downward wave, whereas the hourly chart assumes that said wave is still unfolding.
By moving below 1.1335, price should move lower to reach between 1.1308 and 1.1256, while remaining ideally below 1.1394.
Hourly Main Count
– Invalidation Point: 1.1394
– Confirmation Point: 1.1335
– Downward Target: 1.1308 – 1.1256
– Wave number: Minuette (v)
– Wave structure: Motive
– Wave pattern: Impulse or Ending Diagonal
Elliott Wave chart analysis for the EURUSD for 23rd January, 2019. 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 (2) formed a running double combination labeled blue waves W, X and Y. It retraced 38.2% of black wave (1) at its highest point, and it ended a little below the 23.6% retracement level.
Black wave (3) is forming an impulse labeled blue waves 1 to 5.
Blue wave 1 is likely forming an impulse labeled pink waves i through v.
Pink wave i is possibly complete.
This count expects the euro to move toward the upside in pink wave ii.
At 1.1425 pink wave ii would retrace 38.2% of pink wave i, then at 1.1480 it would retrace 61.8% of its length.
This wave count would be invalidated by movement above 1.1569 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 still unfolding, forming an impulse labeled green waves (i) through (v).
Green wave (iv) formed a double combination labeled orange waves w, x and y. It’s retraced a little below 23.6% of green wave (iii).
This count expects the euro to move toward the downside in green wave (v). This would be confirmed by movement below 1.1335.
At 1.1308 green wave (v) would reach 100% the length of green wave (i), then at 1.1256 it would reach 161.8% of its length.
This wave count would be practically invalidated by movement above 1.1394.