EURUSD Simple or Double Corrective Zigzag?

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EURUSD is forming an impulse consisting of sub-waves ①-②-③-④-⑤.

The end of bullish impulse ③ at 1.201 led to the formation of corrective wave ④. The said wave is a standard zigzag (A)-(B)-(C) and could reach the 1.152 area.

At that level, primary correction ④ will be at 38.2% of impulse ③.

We could then expect impulse wave ⑤ to end above the previous maximum formed by wave ③.

eurusd elliott

An alternative scenario shows a deeper corrective wave ④, which is a double (W)-(X)-(Y) zigzag.

In the near future, we could expect prices to extend up in the intervening wave (X) to 1.181. At that level, intermediate wave (X) will be at 50% of wave (W).

After completing this wave, we can expect EURUSD to decline in the final wave (Y) near 1.138. At that level, primary correction ④ will be at 50% of impulse ③.

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