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Elliott Wave View: EURUSD Remains Bearish in Shorter Cycle

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Since topping on February 16, 2018 high (1.255), EURUSD has continued to make a sequence of lower low. In the 1 hour chart below, the decline to 1.1183 ended wave ((i)) and the bounce to 1.132 ended wave ((ii)). The internal of wave ((ii)) subdivided as adouble three Elliott Wave structure. Wave (w) of ((ii)) ended at 1.1287 as a zigzag and wave (x) of ((ii)) ended at 1.1228. Pair then rallied in wave (y) of ((ii)) to 1.132 as a zigzag. This is an example of a double zigzag, which is a special type of a double three. A double zigzag happens when both w and y in double three structure take the form of a zigzag.

Wave ((iii)) is in progress to the downside and subdivides as an impulse Elliott Wave structure. Down from 1.1324, wave i ended at 1.1277, wave ii ended at 1.132, and wave iii ended at 1.122. Expect another leg lower to end wave v of (i), then it should bounce in wave (ii) in 3, 7, or 11 swing to correct cycle from April 12 high (1.1323) before the decline resumes. We dont like buying the pair and expect sellers to appear in 3, 7, or 11 swing as far as pivot at 1.132 stays intact.

1 Hour EURUSD Elliott Wave Chart Asia Update

EURUSD 19 April

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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