• 13 hours Can Toyota's Hydrogen Car Take On Tesla?
  • 2 days Why Universal Basic Income Won't Work
  • 2 days Is This The Real Golden State?
  • 3 days Blockchain Firm Pushes For Ethical Mining
  • 3 days America’s Working Class Are Footing All The Bills
  • 3 days Market Volatility Sends Investors Scrambling Into This Asset Class
  • 4 days How Much Energy Would It Take To Power The Death Star?
  • 4 days A Tweet About Hong Kong Could Cost The NBA $4 Billion
  • 4 days World's Largest Miner Doubles Down On Renewables
  • 5 days Nasdaq Cracks Down On Small Chinese IPOs
  • 5 days Is There Any Reason To Be Bullish About Netflix?
  • 5 days Precious Metals See Record Inflows As Investors Hedge Against Teetering Economy
  • 6 days NYU Professor: Tesla Could Lose 80% Of Its Value
  • 6 days Uber To Offer On Demand Employment
  • 6 days SoftBank Reeling After Questionable WeWork Investment
  • 7 days Opportunity Arises In The Democratic Republic Of Congo
  • 8 days Peter Thiel’s Promised Land For Intellectual Troublemakers
  • 9 days Why Gold Stocks Are Drifting Lower
  • 9 days Copper Miners Feel The Squeeze As Prices Slip Once Again
  • 10 days Uncovering The Universe’s Biggest Secrets
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

TheWaveTrading

TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

Contact Author

  1. Home
  2. Markets
  3. Other

EURUSD: Review of The Long Term Elliott Wave Pattern

Brief update

I maintain the two potential patterns discussed the last time on October 19, 2013:

  1. Double Zig Zag Option: From the July 2012 low price is unfolding the second wave (B) of a Double Zig Zag, which began at the July 2008 high. The theoretical target of the assumed wave (B) could be located in the range 1.4053 - 1.4424 Once the wave (B) is in place it will be followed by the last wave (Y) down that could have a similar size of the preceding wave (A) = - 0.29 €.

EUR Monthly Chart
Larger Image

  1. Triangle: From the October 2008 low price is forming a Triangle wave (B). Instead of the second wave (B) price is now unfolding the wave (E) of the Triangle. We can use the same price levels discussed above for the target of the wave (E). Once the wave (B) is in place it will be followed by a "thrust" wave (C) down which has a measured length of - 0.3185 € (The Eur would lose the parity).

EUR Monthly Triangle Chart
Larger Image

Elliott Wave wise the issue is to establish the correct pattern of the advance from the July 2012, which is clearly corrective, but this is a difficult task.

We can make the case that price is unfolding a Triple Zig Zag.

We could agree that the first Double Zig Zag was completed at the February 2013 high and the third Zig Zag began at the July 2013 low. If this idea is correct the third wave (A) was established at the October 2013 high. Now we have to establish where is the correct spot for the third wave (B).

EUR Weekly Triple Zig Zag Chart
Larger Image

Possible Options:

1. Triangle: Price formed a Triangle wave (B) which was completed on February 27. The following thrust can be counted as impulsive but it could be the first wave of a larger impulsive sequence.

EUR Daily Triangle Chart
Larger Image

2. Running Flat: The wave (B) was established at the February 3 higher low with a Running Flat. If this count is correct probably a wave (IV) pullback is underway which will be followed by the last wave (V) up.

EUR Daily Running Flat Chart
Larger Image

3. Ending Diagonal: From the November 7 low price is forming an Ending Diagonal wave (Z). If this is the case we are now in the wave (III).

EUR Daily Ending Triangle Chart
Larger Image

With more price information I hope I will be able to find the right path.

 

Back to homepage

Leave a comment

Leave a comment