This is my Elliott wave idea about EURUSD on the 4 hours chart.
An overview of my Elliot wave analysis was shown on Mar. 27th.
We are in “sub wave (3)” of “wave C” (Black).
I think that we are in “sub wave 2” (Blue) of “wave (3)” (Red).
The “Wave 1” (Blue) is the motive wave of 5 waves,
I think that the “Wave 2” (Blue) is the corrective wave (A-B-C).
Now, we are the “sub wave (C)” of the “Wave 2” (Blue).
The “wave 2” will 38.2%-50.0% retrace of the “wave 1”.
I think that the cross point of the channel lines (Blue/Black) is the end point of the “wave 2” (Blue).
After the “wave 1” was retraced,
I think that the “wave 3” (Blue) of the “wave (3)” (Red) will start.
If the assumption is correct,
The “wave (3)” will grow to the levels of 1.070-1.080.
In this scenario, stop loss level is 1.145.
An overview of my Elliot wave analysis was shown on Mar. 27th.
We are in “sub wave (3)” of “wave C” (Black).
I think that we are in “sub wave 2” (Blue) of “wave (3)” (Red).
The “Wave 1” (Blue) is the motive wave of 5 waves,
I think that the “Wave 2” (Blue) is the corrective wave (A-B-C).
Now, we are the “sub wave (C)” of the “Wave 2” (Blue).
The “wave 2” will 38.2%-50.0% retrace of the “wave 1”.
I think that the cross point of the channel lines (Blue/Black) is the end point of the “wave 2” (Blue).
After the “wave 1” was retraced,
I think that the “wave 3” (Blue) of the “wave (3)” (Red) will start.
If the assumption is correct,
The “wave (3)” will grow to the levels of 1.070-1.080.
In this scenario, stop loss level is 1.145.