EUR/USD Wave 5 Topped? Correction Incoming to 1.076FX_IDC:EURUSD PEPPERSTONE:EURUSD OANDA:EURUSD
📈 Chart Breakdown
🔢 Elliott Impulse Wave Completed:
Waves (1) to (5) appear to form a clean 5-wave impulse structure upward.
Final wave (5) is diverging on the oscillator (RSI), signaling potential bullish exhaustion.
🧾 ABC Correction Expected:
After the 5-wave impulse, you project an ABC corrective move:
Wave A: initial drop
Wave B: partial recovery
Wave C: deeper move likely toward the 1.07680 support (blue horizontal line)
⚠️ Bearish RSI Divergence:
The label "Div" confirms bearish divergence between price and RSI → typical at end of Wave (5).
🧠 Summary:
Structure: 5-wave impulse + projected 3-wave correction
Bias: Short-term bearish targeting 1.07680
Confirmation: Look for break below support or trendline + momentum shift
