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The EURUSD made a new low today on the back of remarks from Draghi once again switching his stance a bit on QE.
As you can see from the charts below, the USDCHF, which is a highly correlated pair, failed to make a new high on the same move.
As per the blue circle in the EURUSD chart, you can see the new low made, while USDCHF maintained below resistance.
This leads to me to believe that both pairs may be doing a flat structure in elliott wave terms. The USDCHF most likely doing a regular or expanded, and EURUSD a irregular and most likely expanded flat.
In a flat structure, the last wave is a 5 wave move. It looks like wave 1 is already on it's way, meaning wave 3, the most powerful wave will occur at the open and will most likely show as a gap up on the open.
A break of lows (eur) or highs (usdchf) will invalidate this view
As you can see from the charts below, the USDCHF, which is a highly correlated pair, failed to make a new high on the same move.
EURUSD - 1H
USDCHF - 1H
As per the blue circle in the EURUSD chart, you can see the new low made, while USDCHF maintained below resistance.
This leads to me to believe that both pairs may be doing a flat structure in elliott wave terms. The USDCHF most likely doing a regular or expanded, and EURUSD a irregular and most likely expanded flat.
In a flat structure, the last wave is a 5 wave move. It looks like wave 1 is already on it's way, meaning wave 3, the most powerful wave will occur at the open and will most likely show as a gap up on the open.
A break of lows (eur) or highs (usdchf) will invalidate this view
