As expected the euro has been moving generally toward the upside, and it has already reached and exceeded our first target.
It appears that price is still headed toward our second upward target as well. The labeling on the most recent price action is not set in stone, but it presents a very reasonable count that fits both the larger pattern as well as the general technical picture.
By moving above 1.1370, price should move higher to reach around 1.1406, while remaining above 1.1275 and ideally above 1.1319.
Hourly Main Count
– Invalidation Point: 1.1275
– Confirmation Point: 1.1370
– Upward Target: 1.1406
– Wave number: Minuette (ii)
– Wave structure: Corrective
– Wave pattern: Triple Combination
Elliott Wave chart analysis for the EURUSD for 21st February, 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.
This count expects the euro to continue moving toward the downside in pink wave iii.
At 1.1060 pink wave iii would reach 161.8% the length of pink wave i, then at 1.0953 it would reach 200% of its length.
This wave count would be invalidated by movement above 1.1514.
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 (ii) appears to be forming a triple combination labeled orange waves w, y and z.
The first orange wave x retrace nearly 61.8% of orange wave w.
Orange wave y reached nearly 100% the length of orange wave w.
The second orange wave x retraced about 38.2% of orange wave y, and it should be either complete or near completion.
This count expects the euro to continue moving toward the upside in orange wave z to complete green wave (ii). This would be confirmed by movement above 1.1370.
At 1.1406 green wave (ii) would retrace 61.8% of green wave (i).
This wave count would be almost fully invalidated by movement below 1.1275.