EURUSD: Bearish Double ZigZag Completion Coming Up!

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EURUSD seems to be developing a bearish primary zigzag Ⓐ-Ⓑ-Ⓒ, in which wave Ⓐ formed a 5-wave impulse pattern.

Wave Ⓑ is most likely not complete. Its current structure indicates that it is a flat consisting of intermediate sub-waves (A)-(B)-(C).

Now the market is moving down in a corrective wave (B). The wave may take the form of a double zigzag W-X-Y.

In the short term, we could see the price decline in the final wave ⓒ to the level of 1.0775.

At that level, minor wave Y will be at the 61.8% of wave W.


In this situation, an alternative scenario is considered. Here, the primary corrective wave Ⓑ could take the form of a triangle consisting of intermediate sub-waves (A)-(B)-(C)-(D)-(E).

If this hypothesis is correct, then in the short term we could see the completion of the specified construction near 1.0954.

At that level, wave (E) will be at 78.6% along the Fibonacci lines of wave (D).

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