As expected the euro moved toward the upside and reached our initial confirmation point. The advance was quickly, but not fully, retraced, so now I can confidently project stricter confirmation and invalidation points.
By moving above 1.1243, price should move upwards to reach between 1.1276 1.1291, while remaining above 1.1199.
Hourly Main Count
– Invalidation Point: 1.1199
– Confirmation Point: 1.1243
– Upward Target: 1.1276 – 1.1291
– Wave number: Minuette (c)
– Wave structure: Motive
– Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 17th July 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.
Pink wave b formed an impressively expanded flat and pink wave c formed an impressively strong impulse.
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 1.1180.
At 1.1106 blue wave 5 would reach the low of blue wave 3, then at 1.1057 it would reach 50% of its length.
Price should meet strong resistance around 1.1411.
Main Hourly Wave Count
This main hourly count sees that pink wave b is forming a flat labeled green waves (a), (b) and (c).
Green wave (b) itself formed a flat labeled orange waves a, b and c. It retraced 90% of green wave (a), and it’s very likely complete.
Green wave (c) is likely forming an impulse labeled oranges waves i through v.
Orange wave i formed a leading diagonal labeled violet waves 1 through 5.
Orange wave ii retraced orange wave i very deeply by over 85%. If this count is to be correct, orange wave ii should be complete.
This wave count expects the euro to move toward the upside in green wave (c) to complete pink wave b. This would be largely confirmed by movement above 1.1243.
At 1.1276 orange wave iii would reach 161.8% the length of orange wave i, then at 1.1291 green wave (c) would reach 100% the length of green wave (a).
This wave count would be invalidated by movement below 1.1199 as orange wave ii may not move beyond the start of orange wave i.