Thursday, November 24, 2016

Elliott Wave Analysis of EUR/USD - Bottom expected in the 1.0486 - 1.0489 area

EUR/USD - Hourly 

EUR/USD - 4 Hourly 

EUR/USD - Weekly 

EUR/USD - Bottom expected in the 1.0486 - 1.0489 area

I have been looking for a bottom near 1.0488 for quite a while now and here we are at the doorstep to this target. Short-term, I think we might see a little more sideways price-action before the final spike lower to the 1.0486 - 1.0489 area to complete the five wave decline from 1.1300. A break above minor resistance at 1.0598 will be the first strong indication that the decline from 1.1300 is complete. 
Once this target-area has been reached a rally should be expected. Taking my previous post regarding Gann's 30 year cycle into consideration (you can see that post by clicking here). This could turn out to be much more than a corrective rally.
If a long term low is seen here, how could than be explained from an Elliott Wave Principle point of view? The only way that would be acceptable for for the EWP is that this low is, that a fifth wave failure has been seen in wave (v) of (C) that completes wave [B]. 
If a long-term low is seen in the 1.0486 - 1.0489 area and strong rally should be expected into late 2017 according to Gann. 

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