EURUSD: Triangle Completion Leads To Bearish Impulse

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Chart of EURUSD

EURUSD continues to form the correction wave IV inside the large-scale impulse. This Cycle correction wave is a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

The actionary leg Ⓦ has ended. A bearish corrective intervening wave Ⓧ could now be developing. It is also similar to the standard zigzag (A)-(B)-(C). The triangular intermediate correction (B) has recently ended, and now the price could be in the last impulse wave (C).

It is assumed that the price could fall to 1.016. At that level, impulse (C) will be at 161.8% of first impulse (A).

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Chart of EURUSD

An alternative scenario suggests that the intermediate correction (B) not a triangle, but a double zigzag. Its end is possible at the previous maximum of 1.103, at which we saw the end of the first actionary wave Ⓦ.

Only after reaching the maximum, prices will decline. Alternatively, it is also assumed that the primary intervening wave Ⓧ can take a horizontal structure. Then it will not be a zigzag, but a double three.

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