The pair did move to a new low, but it did not continue lower to our target from our previous analysis.
We provide two 8 hourly charts today.
8 Hourly Count: Main
- Invalidation Point:1.30398
- Confirmation Point:1.27451
- Downwards Target:1.25165
- Wave number: (v) Green
- Wave structure: Motive
- Wave pattern: Impulse
8 Hourly Count: Alternate
- Invalidation Point:1.27451
- Confirmation Point:1.30398
- Downwards Target:1.30776
- Wave number: c Orange
- Wave structure: Motive
- Wave pattern: Impulse
Elliott Wave chart analysis for the EURUSD for 05 April, 2013. Please click on the charts below to enlarge.
The main hourly count expects wave (iv) green is complete and that the pair should move lower within a new impulse for wave (v) green over the next week.
Movement below 1.27451 would confirm this wave count as the alternate would then be invalidated.
At 1.25165 wave (v) green would reach .618 the length of wave (i) green. Note, that in the video I said that wave (v) green would reach equality with wave (i) green at this target, that is an error.
Movement above 1.30398 would invalidate this wave count as no second wave correction within wave (v) green may move beyond the start of the first wave.
Alternate 8 Hourly Chart
The alternate hourly wave count expects wave i pink is complete and that the pair should move higher within a correction for wave ii pink.
Wave ii pink is seen as a less common combination correction.
Movement above 1.30398 would confirm this wave count as the main count would then be invalidated.
At 1.30776 we have a short term target where wave c orange would reach 2.618 the length of wave a orange.
We expect the pair would be within wave (x) green by the end of this week.
Movement below 1.27451 would invalidate this wave count as no second wave correction within wave c orange may move beyond the start of the first wave.
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