Elliott Wave View: EURUSD Looking for Further Downside

Short Term view in EURUSD suggests the decline from September 6, 2021 peak is unfolding as a 5 waves impulse Elliott Wave structure. Down from September 6, wave ((i)) ended at 1.1768 and rally in wave ((ii)) ended at 1.1846. Pair resumes lower in wave ((iii)) towards 1.17 with internal subdivision as 5 waves impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1.1797, and rally in wave (ii) ended at 1.1832. Pair resumes lower in wave (iii) towards 1.1749, rally in wave (iv) ended at 1.17889, and final leg lower wave (v) of ((iii)) ended at 1.1698.

Rally in wave ((iv)) ended at 1.1755 with internal subdivision as a zigzag structure. Wave (a) ended at 1.1748, pullback in wave (b) ended at 1.1713, and wave (c) of ((iv)) ended at 1.1755. Pair has turned lower in wave ((v)) with internal as a 5 waves in lesser degree. Down from wave ((iv)), wave (i) ended at 1.1682. While wave (ii) rally fails below 1.1755, expect pair to extend a few more lows. Potential target lower is 100% – 123.6% Fibonacci extension from January 2021 peak towards 1.146 – 1.161.