Elliott Wave EUR/USD

On the 1 hour chart I am posting there is a nice five wave move down. Both wave counts are still valid and I have applied fibo retracements to the down move. The chart shows that the euro is encountering some resistance at the 38.2% level now. If the Euro breaks down below the 1.32 level then I will rule out the ending diagonal pattern and go with the impulse. I think the highest probability trade is to wait for it to get higher and then sell.

Here is my day chart today. I have an if done order to sell at 1.35, with a stop at 1.36, and a take profit at 1.3150

I don't think the euro will reach the 61.8% retracement level. Based on the hour chart I am posting, I think the odds have moved to the 50% retracement level as presented on my hour chart, so I have moved my sell level to 1.3445. Here is my plan for my limit order. I still have it at 1.3150, but if the down move looks impulsive instead of corrective I will move it down, but if it looks like a corrective move down then I will leave it where it is.

Just a quick update. I just bought euro at 132.39 looking for a high in the 134-135 range. I'll post up a chart tonight, but I think this is a short term bottom and it is beginning the final move up before a substantial move down

Nice thread.
Where did you place your stop on the entry you made earlier?
I believe you are correct on the direction for the next day or so.

Thank you for the nice comments. I traded a very small lot with a stop at 1.31. When I look at the big move today it looks impulsive because of the steep drop, but it still looks like everything is in threes, which means corrective. I am still leaning to think this is corrective down. 5 would be impulsive. If this current move will push above the 1.3210, then that will help make the case for this not being an impulse down. If this does go above 1.3210 then I will add another very small lot long. Anyway, here are my charts: ask any questions if you like and I will try to explain my wave counts.

The Euro made it to 132.18 which breached the the low level of 13210 on the hour chart. This helps bolster the case for the euro move being corrective down instead of impulsive down. I am attaching 2 different five minute charts . One is impulsive down and one is for a corrective wave down. Either one is correct at the moment, but not on the hour chart. My experience is that the hour chart usually trumps the 5 minute chart and the day chart trumps both.

Here's my hour chart today. I'm still leaning towards this being corrective, but the B wave did go further than I thought. My 1.31 stop didn't get hit today and I am currently minus 18 pips, so I'm waiting to see if the move up will be as long as I think. Here is also a 5 minute chart to go with the hour. I have drawn out a zigzag that looks as if it will top out around the 1.3260 range. If this is impulsive down that will be a good spot for a reversal. If this correction is going higher I still expect a downturn to a Fibonacci level