The small red wave ii correction went a Little lower than the expected 0.8251 (the low came in at 0.8246), but important support at 0.8243 has held firm. I'm looking for a break above the small reflex point at 0.8277 as the first good indication that red wave ii did end at 0.8246 and that the powerful red wave iii higher towards 0.8365 is unfolding.
The Elliott Wave Principle only has three rules and no. 1 is that wave two can't break below the starting point of wave one. This is true for all possible degrees of trend. That Means red wave ii can't break below 0.8243 otherwise the above count is wrong.
It also offers the prefect entry point for a new position. As red wave ii isn't allowed to break the starting point of red wave i we should not see a break below 0.8243. So buying EUR here close to 0.8269 or more safely upon a break above 0.8277 will leave you with a potential low risk (stop at 0.8242) high reward trade.
Looking at the medium term Count we have the starting point for wave 1 at 0.8154 and ideally wave 2 is in place at 0.8243 and wave 3 should be in its very early part. For a medium term trade this also represents a low risk (stop at 0.8153) high reward trade. The first possible target for wave 3 is at 0.8489.
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