EURUSD Elliott Analysis

Big triangle

This count says we have big traingle on D1 timeframe. Currently we are in B wave (LightBlue on chart). After this we should have C impulse wave to the bottom. This count is similar as LeM suggested count (look http://lemansa.wordpress.com).

Look closer (h4):

As i think, we have finished C triangle wave (3 waves inside), and currently we are id D wave. B wave was quite impulsive, so D should be more complicated – and currently it is.

Look closer (h1):

This is movement from the top. I think we have done A wave (with 3 subwaves), currently we are doing complicated horizontam correction move. After this, we should see C wave – bearish impulse. In my correction count there is double zigzag, and it looks like we are doing third. There is big possibility that this 3rd zigzag will be smaller triangle, becouse its typical to finish complicated correction with them. They are before big moves. Target of this move is somewhere near previous correction (it was B wave from h4 picture). So its near 1.29 level. It will be good if C wave will be extended impulse.

Currently its hard to play on this pair becouse we have correction in big correction. I preffer to wait until correction will be clearly finished (maybe first C wave). Playing on this correction is dangerous.