This chart of the EUR/USD pair shows a well-structured Elliott Wave impulse pattern unfolding on the 4-hour timeframe. The price action is currently progressing in the final Wave (5) of the impulse cycle, which typically represents the last bullish leg before a larger correction begins.
Wave (1): The initial move up from the bottom (early May), showing a clean 5-wave internal structure.
Wave (2): A healthy retracement after Wave 1, forming a base for further upside.
Wave (3): The strongest and steepest rally, as expected in Elliott theory. It broke past previous highs and extended sharply.
Wave (4): A corrective phase that formed a falling wedge pattern — typically a bullish continuation pattern.
Wave (5): Currently in progress. The wedge has broken to the upside, confirming the potential start of Wave 5.
Target 1 (T1): 1.18306
Target 2 (T2): 1.19012
Stop Loss (SL): 1.16600
After a strong uptrend, the market went sideways in a wedge pattern (a typical wave 4 behavior). It has now broken out, signaling the start of the final wave 5 move. This is often a strong and sharp push. Since the breakout is clean and the Elliott wave count aligns well, this creates a favorable long opportunity
Wave (1): The initial move up from the bottom (early May), showing a clean 5-wave internal structure.
Wave (2): A healthy retracement after Wave 1, forming a base for further upside.
Wave (3): The strongest and steepest rally, as expected in Elliott theory. It broke past previous highs and extended sharply.
Wave (4): A corrective phase that formed a falling wedge pattern — typically a bullish continuation pattern.
Wave (5): Currently in progress. The wedge has broken to the upside, confirming the potential start of Wave 5.
Target 1 (T1): 1.18306
Target 2 (T2): 1.19012
Stop Loss (SL): 1.16600
After a strong uptrend, the market went sideways in a wedge pattern (a typical wave 4 behavior). It has now broken out, signaling the start of the final wave 5 move. This is often a strong and sharp push. Since the breakout is clean and the Elliott wave count aligns well, this creates a favorable long opportunity
We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
We're about to hit 2,000 followers on TradingView! 🚀
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Special discount on our pricing plans! 🎉 - t.me/moneydictators
For Premium Research and Elliott wave Guidance: t.me/warlockmd
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.