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The US unemployment rate and changes in the number of people employed in the Nonfarm sector will be released today at 13:30 Universal time. This will be followed by the US Non-Manufacturing Purchasing Managers Index, which will be released at 15:00 Universal time. This important news may affect the market.
EUR/USD, H4 timeframe:
According to Elliott's theory, the formation of a triple zigzag W-X-Y-XX-Z can be observed. The middle part of this pattern, that is, the acting wave Y is currently under development.
Wave Y assumes a simple zigzag, which consists of three main sub-waves [A]-[B]-[C]. Wave [A] took the form of an impulse and was completed at the end of August, after which there was a correction within wave [B]. Following the end of the correction in wave [B], the price began to impulsively decline in the sub-wave [C], which is still in the process of development.
Wave [C] consists of sub-waves (1)-(2)-(3)-(4)-(5). Now, we are in the final part of the third impulse, that is, below 5. There is an assumption that the price in this wave will decline to the level of 1.1140, where the magnitude of wave 5 will be 50% of wave 3. After that, a small correction (4) is expected to develop, as shown in the graph.
Currently, it is recommended to consider opening sell deals in order to take profit at the specified level.
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