Elliott Wave Analysis & Forecast, EURUSD, Weekly, 3rd March, 2022
If we look at above chart, we see that prices are moving in red wave v of blue wave c of larger red wave 2 of green wave /3.
Green wave /1 was completed at 1.2557 on Feb, 2018 and formed medium term top. After we see corrective decline in green wave /2 in the form triple zigzag which finally place its bottom @ 1.0637 on March, 2020 and green wave /3 started which is in progress now. The target for the green wave /3 is beyond the previous high @ 1.6040 but it is matter of time.
From onward now red wave is 2 is progressing and place bottom anytime, but we see the 78% Fibonacci target near 1.1000. Once this target will complete, we saw an impulsive incline in the prices of the pair in red wave 3 of green wave /3.
Trade Recommendation :
There is no trade recommendation now, I will wait for any bullish weekly candle before entering into long positions with stop loss just below the weekly low candle and targeting 1.3000 and 1.4800.
Financial Disclosure: The author is independent of any kind of funding, including commercial, private and individual, and has no relevant financial interest except It has keen interest in Elliott wave theory and has spend more than 1000 hours in Elliott Wave analysis.