Elliott Wave Analysis of EUR/USD
|I suspect the current rally from the Oct low at 10879 is developing as an impulse wave (5 wave rally). It seems to be missing some gyrations before it counts as a completed structure. An impulse wave that has one extended section will develop in 9 swings. So far I can count 6 possible swings from 10879, so a few more gyrations as shown are needed before it counts as a completed 9 swing advance from 10879.
Barring a move below 11062, then allow for more upside to end wave [iii], a pullback again would be expected for wave [iv], followed by new highs for wave [v]. Once we can count 9 swings from 10879 to complete the current wave structure, it's then we can consider a much larger decline to correct the move from 10879.
Short term, above 11062 keeps it pointing higher. A 5 wave advance from 10879 could well suggest a significant low is in place at 10879, as well as a significant peak for the DXY.
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