Outlined here is the current position of the E/U and a possible historical Elliot Wave count projecting where price could go. Within this post is a view of Wave 3 fractals thru multiple time frames and corrective wave counts in fractals thru multiple time frames as well. This is not an easy concept to absorb but here it goes for the curious.
1. The colors of the waves drawn relate directly to the colored numbers.
2. The 2 grey arrows represent the current position.
3. Price could currently be in Four W:3 counts as shown in the upper right drawing.
4. Third wave moves tend to be the most explosive waves in energy and the longest, notice the sell offs since the Blue W:2 have the most energy in them and do not overlap.
5. Price could currently be in the beginning of the black & red W:3 which are part of the larger degree blue & purple W:3’s already underway.
6. The current fib extension off the 38.2 retracement (no fly zone) takes price down to 61.8 extension zone or the Nov 2000 low.
7. Notice how price was short of the target from the 61.8 retracement of the blue W:2 and overshot the 38.2 target (not perfect but close)
8. The 38.2 fib extension off the 38.2 (no fly zone) retracement could be the end of the red W:3 and black W:5 before a correction begins into the red W:4.
9. There is an argument for a-b-c-d-e corrections in those W:2’s and could mean more time is needed for a breakout below 1.0462 if fractals prevail but this is a lot of data I’m showing.
10 Price did break 1.0900 today so we should be headed down to 1.0462 at least for now.
Lets see how it plays