Elliott Wave Analysis Expects a Flat Correction as Wave 2 in EUR
Short Term Elliott Wave in EURUSD suggests rally from 4.16.2024 low unfolded as a 5 waves impulse Elliott Wave structure. Up from 4.16.2024 low, wave ((i)) ended at 1.0753 and pullback in wave ((ii)) ended at 1.0649. The pair extends higher again in wave ((iii)) ended at 1.0812 and correction in wave ((iv)) towards 1.0723 low. Then the pair extend higher in wave ((v)) with internal subdivision as an impulse in lesser degree. The 1-hour chart below shows the subdivision of wave ((v)).
Up from wave ((iv)), wave (i) ended at 1.0790 and dips in wave (ii) ended at 1.0760. EURUSD then extended higher in wave (iii) towards 1.0870 and pullback in wave (iv) ended at 1.0831. Final leg wave (v) ended at 1.0895 which completed wave ((v)) and wave 1. The pair then started a correction in wave 2 and we are calling as a flat structure. First leg lower ended wave ((a)) at 1.0804 low and bounced to retest the highs as wave ((b)) ended at 1.0889. Near term, as far as pivot at 1.0895 high stays intact, expect dips to find support to end wave 2 correction before further upside.
Up from wave ((iv)), wave (i) ended at 1.0790 and dips in wave (ii) ended at 1.0760. EURUSD then extended higher in wave (iii) towards 1.0870 and pullback in wave (iv) ended at 1.0831. Final leg wave (v) ended at 1.0895 which completed wave ((v)) and wave 1. The pair then started a correction in wave 2 and we are calling as a flat structure. First leg lower ended wave ((a)) at 1.0804 low and bounced to retest the highs as wave ((b)) ended at 1.0889. Near term, as far as pivot at 1.0895 high stays intact, expect dips to find support to end wave 2 correction before further upside.
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