Elliott Forecast - EURUSD Short Term Rally Still Expected to Fail

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Elliott Forecast

Daud Bhatti

EURUSD Short Term Rally Still Expected to Fail

Short Term Elliott Wave in EURUSD suggests cycle from 8.30.2023 high is in progress as a. Down from 8.30.2023 high, wave ((i)) ended at 1.063 and rally in wave ((ii)) ended at 1.0737 as the 1 hour chart below shows. Pair then extended lower in wave ((iii)) with internal subdivision as another 5 waves in lesser degree. Down from wave ((ii)), wave (i) ended at 1.0616 and wave (ii) ended at 1.0671. The pair extended lower in wave (iii) towards 1.0569, wave (iv) ended at 1.0609, and wave (v) lower ended at 1.048. This completed wave ((iii)) in higher degree.

Rally in wave ((iv)) ended at 1.0619 with internal subdivision as a zigzag. Up from wave ((iii)), wave (a) ended at 1.055 and wave (b) ended at 1.0517. Wave (c) higher ended at 1.0619 which completed wave ((iv)). Pair has resumed lower in wave ((v)). Down from wave ((iv)), wave (i) ended at 1.0447. Wave (ii) rally is in progress to correct cycle from 9.29.2023 high. Internal subdivision of wave (ii) is unfolding as a double three. Up from wave (i), wave w ended at 1.053, and pullback in wave x ended at 1.048. Expect wave y of (ii) to fail below 1.0619 for the next leg lower. As far as pivot at 1.0619 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

05/10/2023 1 EN

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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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Daud Bhatti

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EURUSD Short Term Rally Still Expected to Fail

Elliott Wave Expects Silver (XAGUSD) Pullback to Find Support

Elliott Wave Analysis on SPX Looking to Extend Higher in Impulsive Structure

Ethereum (ETHUSD) : Incomplete Sequences Calling the Decline

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