At the beginning of the millennium the first wave of Elliott had strength for over a year and a half, finding a top at 0.764 Fibonacci. This upward movement started in 2017 could therefore have room until the end of the year finding resistance in the area 1.31 (this will confirm the levels indicated for the Fibonacci extensions, only after the start of the second wave we could redraw the levels with precision). At the moment, monitoring the weekly chart, there are no signs of interruption of the current trend that is strongly bullish and could lead to a maximum of 4/5 years in the resistance area of 1.55. The monetary policies in place, with a gradual normalization by the ECB in the coming years, currently confirm this vision.