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eurusd

The current EURUSD structure hints at a 5-wave impulse. This consists of sub-waves ①-②-③-④-⑤ of the primary degree.

After the end of impulse wave ③, the market fell in correction wave ④. Judging by its internal structure, it takes the form of a double (W)-(X)-(Y) zigzag.

In the near future, we could expect a decline in the minor A-B-C zigzag, which begins the final wave (Y) to the 1.152 area.

At that level, correction ④ will be at 38.2% of impulse ③.

Finally, we could see a rise in wave ⑤ above the previous high.

eurusd elliott

Alternatively, primary correction wave ④ takes the form of a standard zigzag.

Currently, we are seeing the development of the initial part of the bullish wave ⑤. This could take the form of an ending diagonal.

In the near future, the price will rise in the intermediate wave (3) to the 1.195 area.

At that level, wave (3) will be at 123.6% of wave (1).

We could then see the development of sub-waves (4) and (5), which are expected to end near 1.200.

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