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EURUSD Elliott Wave: Correction Up To 1.3500 Before Down

EURUSD reversed sharply to the downside in the last few days, clearly in five waves from above 1.3800 with a daily and weekly close price beneath the channel line connected from July lows. This break indicates a change in trend, and possible completion of a larger three wave rally in wave E. But as always we are focused on minimum expectations for the next few days and weeks, and that is a three wave decline from the top which is also expected on the alternate count which shows an incomplete wave E from 2012 low.

(click to enlarge)Click to enlarge

Written by www.ew-forecast.com

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