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EURUSD Short Term Rally Still Expected to Fail

Short Term Elliott Wave in EURUSD suggests cycle from 8.30.2023 high is in progress as a 5 waves impulse. Down from 8.30.2023 high, wave ((i)) ended at 1.063 and rally in wave ((ii)) ended at 1.0737 as the 1 hour chart below shows. Pair then extended lower in wave ((iii)) with internal subdivision as another 5 waves in lesser degree. Down from wave ((ii)), wave (i) ended at 1.0616 and wave (ii) ended at 1.0671. The pair extended lower in wave (iii) towards 1.0569, wave (iv) ended at 1.0609, and wave (v) lower ended at 1.048. This completed wave ((iii)) in higher degree.

Rally in wave ((iv)) ended at 1.0619 with internal subdivision as a zigzag. Up from wave ((iii)), wave (a) ended at 1.055 and wave (b) ended at 1.0517. Wave (c) higher ended at 1.0619 which completed wave ((iv)). Pair has resumed lower in wave ((v)). Down from wave ((iv)), wave (i) ended at 1.0447. Wave (ii) rally is in progress to correct cycle from 9.29.2023 high. Internal subdivision of wave (ii) is unfolding as a double three. Up from wave (i), wave w ended at 1.053, and pullback in wave x ended at 1.048. Expect wave y of (ii) to fail below 1.0619 for the next leg lower. As far as pivot at 1.0619 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

EURUSD 60 Minutes Elliott Wave Chart

EURUSD Elliott Wave Video


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