EURUSD Elliott Double Three Correction?
EURUSD has been in correction after big decline. The first correction was a Flat one 3-3-5 where I thought the market would reversed and make a new low.. however, the decline was just in 3 waves a zigzag and from there a rally in 5 waves can be seen.. Which creates a scenario of a W-X-Y correction.. Flat(W)-Zigzag(X)-Most likely zigzag(Y) having a 5 wave count as Wave A.. I would expect the pair to decline atleast 50% in wave B and then one more 5 wave really which would go till 1.1800 where it will find resistance as W=Y at that zone and its also a resistance area on daily/monthly charts as well as 38.2% fib retracement of the large decline. I would make this as my primary count for now and see how the markets unfold.
These are just my studies and analysis based on Elliott Wave.. Any comments or suggestions are welcome.
Happy Trading!!
These are just my studies and analysis based on Elliott Wave.. Any comments or suggestions are welcome.
Happy Trading!!
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