Elliott waves for Forex correlation analysis – Sell Euro alongside AUD/USD and NZD/USD

Following the US Elections results release, Euro has been falling relentlessly with over 5000 pips down. The previous week’s candle is a strong bearish candle and will likely push the price further to the lower side but a key weekly support is seen at 1.0498 and may prevent any invasion to the lower side. Thus, we’re only short up to 1.0498, any clear developments below this level will confirm a continuation of the downward rally but should not go beyond 0.9743. Although the downward rally is highly anticipated, we expect possible consolidations around 1.049 before continuation short. Expect a similar wave count in AUD/USD, and NZD/USD. These pairs have a strong positive correlation of up to +83% and will have similar price action with Euro.