Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

The initial movement down from the August 23 high to the August 28 low in the Euro counts best as a “three”, and the subsequent waves have so far been making lower highs and higher lows. It therefore appears most likely that a green wave 4 triangle is forming. Any movement below the extreme of orange “a” at 1.24647 would invalidate this green wave 4 triangle scenario. Also, any movement below 1.23829 would indicate that wave 4 blue in the Euro was very likely “in”.

If the green wave 4 triangle idea depicted on the 240 minute chart above is correct, the original thrust target from the larger pink b triangle is still sitting up there at 1.2682, right in the middle of a typical 4th wave target zone from where pink “c” will equal pink “a” at 1.26027 to the extreme of the wave 4 of one lesser degree at 1.27424.

There is no doubt that the movement up from the July 24 low is corrective.

Sid
http://elliottwavepre.wpengine.com