WEEKLY Chart: EURUSD: Overall Wave Count Scenario

In this WEEKLY chart, what can be seen is that this pair has been trading in a downwards channel. It has hit the bottom of that channel and now "looks" to be poised to move back up to the top TL of the channel again. But will it?

WAVE COUNT
According to the wave count...no. It should not move all the way back up. What I show is that prices have declined in what was evidently a wave (III) right down the the bottom TL of the channel. From there, there is consolidation going on for the past few weeks/months. That consolidation is part of the wave (IV) and should be an ABC zigxzag pattern. That wave (IV) I also DO NOT have it going to the top of the channel and should be halted by a MAJOR SR Structure which is also very near to the ending of the wave (I). Channel or no channel, prices are still in the grips of the wave (3) down so looking for a good SHORT opportunity is the wise thing to do!

PATTERNS
On this weekly chart, I am showing the most relevant pattern and that is this COMPLETED Butterfly. Prices are now in its' PRZ. This wave (IV) should now or very soon move up to complete the wave C of (IV). That wave C should end near the TP1 of this butterfly which is at the .382 retrace. Then we should see the main downtrend recommence in a wave (V).