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

If the Euro starts rallying by tomorrow, I think the Elliott Wave count depicted in the chart above is correct. Typically, in an expanding ending diagonal, wave 5 terminates just before reaching a trend line extending from the extremes of waves 1 and 3. Also, in an expanding ending diagonal, wave 5 is longer than wave 3, wave 3 is longer than wave 1, and wave 4 is longer than wave 2. Finally, each wave is a zigzag or zigzag combination. All those rules have been met.

If the Euro continues aggressively downward, the alternate count shown on the chart is preferred, with wave 3 blue already underway after an anemic wave 2 blue. If wave 3 blue is underway, equities will have a hard time doing anything but go down . .