Earlier today, EURUSD spiked down in what appears to be the final wave of a now completed Elliott wave impulse pattern.
This completed impulse is a fractal to a larger Elliott Wave pattern.
We are unsure right now whether the completed impulse was wave ((iii)) of a larger impulse, OR, if the completed impulse was wave ((c)) of C of a triangle.
Either way, a rally to 1.0831 is higher probability.
This rally will either be wave ((iv)) of a larger impulse or the start to wave D of a triangle.
If the rally stalls near or below 1.0831, then we lean towards the wave ((iv)) count.
If the rally continues above 1.0831 and reaches the 1.0950 zone, then we lean towards the wave D of a triangle count.
This completed impulse is a fractal to a larger Elliott Wave pattern.
We are unsure right now whether the completed impulse was wave ((iii)) of a larger impulse, OR, if the completed impulse was wave ((c)) of C of a triangle.
Either way, a rally to 1.0831 is higher probability.
This rally will either be wave ((iv)) of a larger impulse or the start to wave D of a triangle.
If the rally stalls near or below 1.0831, then we lean towards the wave ((iv)) count.
If the rally continues above 1.0831 and reaches the 1.0950 zone, then we lean towards the wave D of a triangle count.
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www.seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
EW Express - bit.ly/elliottwaveexpress