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

Here are my updated and slightly revised long, intermediate, and short-term Elliott Wave counts for the EUR/USD currency pair. The expectation moving forward is very similar to my truncation count from before. These new main counts depict that an intermediate degree bearish wave 3 commenced on August 29. After waves 3, 4, and 5 black are finished, the Euro should be below 1.233.

Short term, wave 2 blue (within wave 3 black) may have finished very quickly, but I think its more likely to still be underway as an expanded or running flat, and recover some ground during the news releases over the next couple of days. If the Euro continues aggressively downward, the maximum depth if the Euro is still in wave b of an expanded flat for wave 2 blue is 1.3800. Movement below 1.38 will therefore be final confirmation that wave 3 blue within wave 3 black is underway.

I also have several long-term alternate counts, which I’ll show in my weekend webinar on Sunday, including one that counts the down move in the Euro from July through October of 2008 as a zigzag rather than an impulse, and therefore, since the high in July 2008, we may have seen a W-X-Y-X, and are now in wave Z of a triple zigzag. This would mean that the Z-wave would not be required to move below anything in particular, but must be at least a large zigzag, most likely commensurate with the previous W and Y waves within that alternate count.

Sid
http://elliottwavepre.wpengine.com