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Elliott Forecast

Elliott Wave View: Further Downside Likely in $EURUSD

August 16, 2022 By

Short Term Elliott Wave View in EURUSD suggests the rally from 7.14.2022 low is unfolding as a . Up from 7.14.2022 low, wave W ended at 1.02939, and pullback in wave X ended at 1.0121. Wave Y higher ended at 1.0369 and this completed wave (W) in higher degree. Wave (X) pullback is in progress as a zigzag structure. A zigzag is a 5-3-5 structure, typically labelled as an ABC. Wave A of the zigzag is currently in play as an impulsive 5 waves.

Down from wave (W), wave ((i)) ended at 1.0274, and rally in wave ((ii)) ended at 1.0364. Expect wave ((iii)) to end soon with possibly a few more marginal lows, then it should rally in wave ((iv)) in 3, 7, or 11 swing before turning lower again in wave ((v)). The 5 waves down should end wave A of (X). Pair should then rally in wave B to correct cycle from 8.10.2022 high before it resumes lower again. Short term, as far as pivot at 1.0369 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURUSD 60 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-downside-likely-eurusd/

#elliottwave #trading #EURUSD

16/08/2022 1 EN

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Elliott Forecast

Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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