EUR/USD Elliott Wave Count Calls For Completion of Uptrend
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The most recent Elliott Wave count for EUR/USD indicated that the pair was in the final stages of a recovery that started after the strong decline resulting from the EU referendum.
EUR/USD made a final push higher in what is viewed wave c of wave (c) of wave C, and is expected to turn lower, and resume the broader downtrend seen in the pair from the May 3 high.
The entire correction has taken over seven weeks to complete, and has served to correct the entire leg lower from the Brexit spike high of 1.1427. The next leg should take the pair near 2015 lows, and is expected to extend in both time and price.
Further confirmation of the completion would come on a break of wave (b) lows seen at 1.1045. The channel resistance should cap any upside attempts, while a sustained break above the channel would invalidate the current wave count.
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