EURUSD Unfolding a Three-wave Recovery Towards 1.17 - Elliott wave Analysis

Gregor Horvat Wavetraders

Hi traders,

EURUSD has made five waves up from August lows which we labelled as wave A of a bigger three-wave upcoming reversal. Afterwards we also labelled wave B, which ufolded a possible three-wave flat correction that looks to have found a base at the 1.1429 level, from where price is now turning higher. If a flat correction is completed then a minimum three-wave rally is expected to begin which can take price towards the 1.17 area and beyond.Now, this is our primary view that points higher, however we also labelled an alernate scenario, where the bigger A-B-C correction is already completed at current 1.1816 highs. If that is the case, more weakness may follow, however a minimum three-wave rally is also to be expected as a corrective, temporary rally to the previous fall, that found a low at the 1.1429 level. In both cases we expect a minimum three-wave rally towards the 1.17 area.

EURUSD, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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