EurUsd Bullish Scenerio Activated

 

 

 

 

 

The two charts above were used to forecast the movement of Eurusd on an article here titled The Two face of Eurusd. 

 

Despite favouring the bullish move, we had an alternative. 

One of the reasons why the elliot wave theory has been used by successful chartists over many decades. 

 

There are always alternatives and you know when you are wrong. 

It's flexible and allows prices to move the way they want and we can follow religiously.

Price broke out of the region in red and retraced exactly to it. The bullish journey is likely to happen.

 

The period origin of this bullish move was March 2015. 

 

It's expected to be  impulsive, but a deep correction could emerge in double or triple zigzag correction which would force us to note that there could still be some move downside despite the general belief that Eurusd has bottomed on the long term.

The new wave count goes as thus:

 

 

I expect further rally to 1.1800 and 1.2440 (deeper correction). Price will decide in a week or two where it will end in the nearest term.

Updates will be provided here.