17.09.2021 02:16 PM
Elliot wave analysis of EUR/USD for September 17, 2021


This image is no longer relevant

The corrective wave 4, which took the form of a wave plane, was completed. Then the market turned around and began to move up. The initial part of the new wave hints at an impulse. Perhaps the first part of the potential impulse has fully completed its pattern. A bearish correction (2) is in the process of development. This correction is taking the form of a double zigzag and is likely to be completed soon.

The price is expected to decline in the final wave Y just below the level of 1.1740, where the value of wave (2) will be 76.4% along the Fibonacci lines from wave (1), then the market may begin to grow in an impulse (3) above the level of 1.1911, marked by subwaves (1) and (4).

Thus, in the current situation, it is recommended to consider opening buy deals in order to take profit at the previous maximum.

Roman Onegin,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback