Forex Trading Library

EURUSD Final Minor ABC Zigzag Underway!

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Chart of EURUSD

For the EURUSD pair, we can see the formation of the correction IV inside the large impulse. Cycle wave IV most likely takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

The actionary leg Ⓦ and the bearish intervening wave Ⓧ are completed. The final actionary wave Ⓨ could be in the process of development.

The wave Ⓨ takes the form of an intermediate double zigzag (W)-(X)-(Y). Recently, a complex intervening wave (X) in the form of a minor triple zigzag could end. In the near future, we can expect a price increase and the development of the wave (Y) above the 1.101 mark.

Chart of EURUSD

An alternative scenario suggests that the entire cycle correction IV has already been fully completed.

Thus, in the last section of the chart, we can observe the development of the initial part of a new bearish trend. Perhaps the beginning of the impulse is being built, which will consist of primary waves ①-②-③-④-⑤.

After a slight rise in the correction ②, prices could decline in impulse ③ below the minimum of 1.051.

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