EUR/USD: developing double zigzag

EUR/USD: developing double zigzag

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Wave 4 turned out to be bigger, so 5/8 MM Level is likely going to be tested once again. If a pullback from this level arrives later on, there'll be an opportunity to have wave 5. In this case, we should keep an eye on 8/8 MM Level as an intraday target.

Image20170921083014002.png

It seems like wave 4 is taking the form of a double zigzag. The last decline could be wave (a) of [y], so bulls are likely going to deliver wave (b) during the day. Nevertheless, we could have another bearish impulse in wave (c) of [y] of 4 afterwards.

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