EURUSD topped? This Elliott wave count says YES!In our previous analysis, we were EURUSD bearish, and although we are trading about 2 cents higher now than when that analysis was published, we are still convinced that these high hills are shortable.
The pair, in our opinion, has finished a complete 5-wave Elliott formation earlier this week, and we prefer the short, with 2 targets that seem particularly interesting:
1. The flat correction target around 1.1065
2. The bottom of wave 4 of a lesser degree, at 1.0733, which is equal to, exactly & down to the pip, to the 61.8% retracement for the whole 5-wave sequence!
We will continue to be bearish for as long as 1.1704 is not clearly penetrated.
Whether the price penetrates 1.1704 & we give up, or, the market moves into our profit zone, we will post updates every week or so. Stay tuned!
