EURUSD Intermediate Flat or Double Zigzag?

0 1,053

The EURUSD structure shows a  bullish impulse consisting of primary sub-waves ①-②-③-④-⑤.

Horizontal correction wave ④ recently ended, which took the form of an intermediate flat.

After the end of this correction, we saw a rapid rise in prices in a bullish impulse wave, which already includes sub-waves (1)-(2).

We now see the minor sub-waves 1-2-3-4-5 are forming an intermediate impulse wave (3). Prices are then expected to rise in a small wave 3 to the level of 1.209.

At the specified level, impulse 3 will be at 200% of impulse 1.

eurusd

An alternative scenario shows the primary corrective wave ④ is still under development.

The correction could take the structure of the double (W)-(X)-(Y) zigzag.

The ascending intervening wave (X) of the intermediate degree is a double W-X-Y zigzag.

It is likely that in the 1.200 area, at the previous maximum, the intervening wave (X) will complete its pattern.

Then prices could fall in the intermediate wave (Y) near 1.160, which the target is on the support line.

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