EURUSD Elliott Wave Sequence from 2/2 peak doesn’t support the idea of 5 wave impulse or even a series of 1,2’s. Decline from 2/2/2017 high to 2/15/2017 low was a 7 swing sequence and the decline from 2/16/2017 to 2/22/2017 low was also a 7 swing decline.
This means neither leg down from 2/2/2017 peak was in 5 waves. Even if we were to force the bias and view the two legs down from 2/2/2017 peak as a 5 wave move, still the decline from 2/2/2017 peak is not an impulse because price has already broken above the downtrend line connecting 2/2/2017 high to 2/16/2017 high which negates the idea of a bearish 1,2, ((i))-((ii)).
Thus, we can conclude that based on EURUSD Elliott Wave Sequence, decline from February peak is not an impulsive. EURUSD Elliott Wave sequence from February peak suggests cycle from 2/2/2017 high ended at 2/22/2017 (1.0492) and pair has either already finished the bounce at 3/6/2017 (1.0640) high or will hold 2/22/2017 (1.0492) low during this pull back and make another extension higher to do a double correction up from 1.0492 low.
EURUSD Elliott Wave Sequence chart from February peak
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