EURUSD - possible near end of wave 5Looking at the chart of the euro futures contracts we may spot a possible Elliott Wave Pattern labeled as 1 to 5. It is a potential impulse wave that may soon come to an end. The theoretical resistance for wave 5 is set by 161,8 Fibonacci expansion of wave 1 placed at the end of wave 4.
If this area is defended the market may retrace back as potential wave A in a larger corrective movement. Then the first theoretical target may be located at the lower limit within the channel or even at the low of wave 4.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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