International Trading


EUR/USD – Stalking Elliott Wave Count for Wave B 

• 4H: The current rally was projected to 1.2930 in yesterday’s “Stalking  EUR/USD Rally within Consolidation“. This current wave, A or possibly E topped off at 1.2920. In either wave count, there is an anticipated decline after completion. The fibonacci study in the 4H chart above is set to the entire range between 1.2580 and 1.2920 area. The 50% is near 1.2750 and is a logical target for B. Then a C wave can be projected towards 1.30.
• There is also a bearish divergence.
• Let’s look at the 1H chart to see if topping is confirmed.

• 1H: The 1H chart also shows a bearish divergence, but in this time-frame it is more developed. In fact the decline has already occurred, but that is not to say further decline can’t follow. Now the signal to look for is a pullback to confirm the established top.
• Also, if the market is not able to rally above 1.2880 today, and is able to break below the rising trendline, the market is likely to be in wave B.
• Here, there is a fibonacci study that measures the last upswing, which internally reflects an impulse wave. Wave A is suppose to have impulse wave count in zig zags. The fibonacci retracement level of 50-61.8% is a zone of support.
• The 1.2750 level – 50% of the range shown in daily chart – is in this zone and is a projection for wave B.