EURUSD Possibly Trapped In a Correction

Good evening traders.

Daily chart of EURUSD shows us a five-wave bullish impulse in the making within higher degree wave C). We see choppy and slow price movement for the last three months as part of a pullback, that can unfold as a Elliott Wave triangle correction. Wave 4 is usually more complex, then wave 2 and can take longer to fully develop, so gains can still be put on hold for awhile.

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EURUSD, Daily

daily eurusd

A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.

triangle

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