Correction coming for dollar/euro?
We see a double three pattern developing in the EUR/USD currency pair in the form of an X Wave Connector. A Wave X Connector might take form of any corrective structure: Zig-Zag, Flat, Double Three, Triple Three, Triangle, etc.
As EWF clients already know, double three is one of the most common patterns in the Market nowadays. It’s labeled as WXY and wave subdivision is 3, 3, 3, which means all of these 3 waves are corrective sequences.
In this blog we’re going to take quick look at EUR/USD Elliott Wave analysis from 9.16.2015 to see what WXY Double three pattern looks like.
$EUR/USD London Update 9.16.2015 As Elliott Wave analysis suggests, Wave X connector is taking the form of double three pattern. Inner structure is marked as ((w)), ((x)), ((y)) – black and each of these 3 waves is subdivided into (w), (x), (y) blue structure. The pair needs another marginal push lower toward equal legs-1.236 fib extension area (1.1234-1.1211) to complete wave X connector there. Once wave X is done, further rally is expected toward new highs- Wave Y.