Elliott waves analysis – EUR/USD. Completion of Correction and Beginning of Impulsive Growth in Wave iii.

The scenario involving the development of an initial diagonal triangle as wave i in the presumed emerging upward impulse is currently being confirmed. After the formation of this pattern, the price declined, likely to form a correction, which will be identified as wave ii.

In the near future, possibly during the current trading day, this corrective decline may come to an end, taking the form of a simple zigzag. At that point, a reversal could occur, initiating rapid growth driven by the development of wave iii.

However, it’s not advisable to rush into buying positions just yet. It’s necessary to wait for the completion of the specified correction before seeking opportunities to enter buy positions or set a buy stop order at the level of 1.0840.