Elliott waves analysis – EUR/USD. The price attempts to deceive everyone.

The market has decided to play games, drawing what seemed to be obvious movements and then abruptly reversing course and moving in the opposite direction. These erratic movements seem to have no impact on the overall wave pattern. It all appears to boil down to shaking out the excess from the impending movement.

For this reason, expectations of an impulsive rise in wave iii remain. The correction in wave ii has become more prolonged in time and more complex. In the near future, another retest of the local minimum is possible, after which the price will move upwards, forming the expected wave.

Therefore, it is advisable to wait for a breakout above the maximum set by wave i and begin buying in anticipation of the movement forming in wave iii.