Elliott waves analysis – Expect further correction upwards.

EURUSD – Up

Wave analysis:
After breaking below the contracting wedge formation, Euro declined steeply and is still pretty much bearish. on the previous trading day however, euro closed slightly above its opening. We expect this upward rally t be a slight correction and should not g above 1.1510 where we’ll be looking for a long term sell position. The anticipated bearish price rally will be the continuation of an impulsive wave count and should break below last week’s lowest low. This downward rally is an impulsive wave count and may go beyond 1.13
Trade Recommendation:
Expect further correction upwards.

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