EURUSD 19th June, 2019

As expected the euro moved toward the upside, reach our first target, and then exceeded it by 9 pips.

B-waves can assume any corrective pattern, simple or complex, so it’s practically impossible to label its subdivisions at such an early stage of its development. Instead, we’ll simply update its targets while leaving everything else exactly the same.

Synopsis:

Price should move toward the upside to reach between 1.1264 and 1.1283, while remaining below 1.1347 and ideally above 1.1180.

Hourly Main Count
– Invalidation Point: 1.1347
– Confirmation Point: 1.1253
– Upward Target: 1.1264 – 1.1283
– Wave number: Minute b
– Wave structure: Corrective
– Wave pattern: Zigzag, Flat, Triangle, or Combination

Elliott Wave chart analysis for the EURUSD for 19th June, 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 (1) is forming a leading diagonal labeled blue waves 1 through 5.

Blue wave 3 formed a zigzag labeled pink waves a, b and c.

Blue wave 4 also formed a zigzag labeled pink waves a, b and c.

Blue wave 5 is likely also forming a zigzag labeled pink waves a, b and c.

This count expects the euro to move toward the downside in blue wave 5 to complete black wave (1). This would be confirmed by moving below 1.1106.

At 1.1077 blue wave 5 would reach 38.2% the length of blue wave 3.

This wave count would be invalidated by movement above 1.1347 as pink wave b of this zigzag may not move beyond the start of pink wave a.

Main Hourly Wave Count

This main hourly count sees that pink wave a is complete and pink wave b is unfolding.

This wave count expects the euro to move sideways to upwards in pink wave b. This would be confirmed by movement above 1.1253.

At 1.1264 pink wave b would retrace 50% of pink wave a, then at 1.1283 it would retrace 61.8% of its length.

This wave count would be invalidated by movement above 1.1347 as pink wave b of this zigzag may not move beyond the start of pink wave a.

Price should find support around 1.1180.

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