EURUSD – Fifth wave advance to continue – November 18th, 2020

Note: there’s also an alternative scenario, which has published in the weekly outlook.

EUR/USD, 12H chart. It seems like wave 4 might take the form of a double zigzag. If correct, a fifth-wave advance should move on in the short term.

EUR/USD, 120Minutes chart. There’s a downward three-wave price movement, which is likely a double zigzag for wave 4. Also, we’ve got an upward price movement, which supposed to be the first wave of wave 5. Wave ((ii)) is likely taking the form of a double zigzag, which hasn’t been finished yet. In this case, we should keep an eye on the 0.618 retracement level at 1.1723 as a potential target for the second-wave correction.

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