It appears that the euro has formed an ending diagonal for wave C of the zigzag. If this interpretation is correct, all of the requirements for minute wave 4 have been satisfied, and we could begin minute wave 5 at any moment if it hasn't already started. Minute wave 5 should take the euro below its July 14 low.
The euro, however, could still rise a little without violating any Elliott rules. As long as the euro doesn't rise above 1.03587, the outlook will remain bearish. If the euro does rise above this level, wave 4 would have entered the price territory of wave 1, and we will have to reassess the wave count.
The euro, however, could still rise a little without violating any Elliott rules. As long as the euro doesn't rise above 1.03587, the outlook will remain bearish. If the euro does rise above this level, wave 4 would have entered the price territory of wave 1, and we will have to reassess the wave count.
