Elliott Wave Structure:
We're mid-cycle of a larger impulsive wave count:
Wave (1) through (4) appear completed
Price is now potentially building the early phase of wave (5)
Subwaves within this current cycle also show clean internal structure:
Latest corrective wave (4) held just above invalidating level at 1.12236
Strong confluence at 71% Fib + demand + structure → ideal wave (4) termination
Price Action & Confluence:
Break and retest of the descending correction confirms bullish continuation
Higher low formed above major structure (X), aligning with wave (4) bottom
Trendline + EMA + volume spike on reaction = institutional interest
Key Levels:
🔴 Invalidation: 1.12236 (break below invalidates wave (4) structure)
📈 Targets for Wave (5):
Short-term: 1.1480 (prior high)
Medium-term: 1.1983 (measured move of wave (5) projection)
🚀 Summary:
EUR/USD is primed for a bullish wave (5) extension. With a clean wave count, a confirmed bounce off the 71% retracement, and price holding above invalidation, bulls are in control unless 1.12236 breaks.
We're mid-cycle of a larger impulsive wave count:
Wave (1) through (4) appear completed
Price is now potentially building the early phase of wave (5)
Subwaves within this current cycle also show clean internal structure:
Latest corrective wave (4) held just above invalidating level at 1.12236
Strong confluence at 71% Fib + demand + structure → ideal wave (4) termination
Price Action & Confluence:
Break and retest of the descending correction confirms bullish continuation
Higher low formed above major structure (X), aligning with wave (4) bottom
Trendline + EMA + volume spike on reaction = institutional interest
Key Levels:
🔴 Invalidation: 1.12236 (break below invalidates wave (4) structure)
📈 Targets for Wave (5):
Short-term: 1.1480 (prior high)
Medium-term: 1.1983 (measured move of wave (5) projection)
🚀 Summary:
EUR/USD is primed for a bullish wave (5) extension. With a clean wave count, a confirmed bounce off the 71% retracement, and price holding above invalidation, bulls are in control unless 1.12236 breaks.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.