The pair continued higher as our alternate 8 hourly chart expected after it was confirmed. It reached the short term upwards target, then proceeded lower within the X wave as our analysis expected.
We continue with it today.
8 Hourly Count: Main
- Invalidation Point:-
- Confirmation Point:-
- Upwards Target:-
- Wave number: ii Pink
- Wave structure: Corrective
- Wave pattern: Zigzag
Elliott Wave chart analysis for the EURUSD for 12 April, 2013.
The 8 hourly count expects the pair is within wave (x) green of wave ii pink. Wave ii pink is seen as a combination correction. Further short term downwards movement should be seen over the next few days as the pair completes wave (x) green.
Once wave (x) green is complete, the pair should move to a new high within a corrective structure for wave (y) green, which would likely be a zigzag as we are looking at a second wave correction. A zigzag would provide the opportunity for the pair to pullback deeper as is expected within a second wave.
As the pair is within an X wave, we are unable to provide invalidation points as an X wave may move beyond the start of the W wave.
We are also not able to provide an upwards target at this stage due to insufficient structure. We do however expect the pair to again be at the high of wave (w) green or higher by the end of the new trading week.
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