EURUSD: 9am

Very slow action is usually a sign of either a 4th wave or a B wave in Elliot Wave terminology at some degree of count. Given the move down this morning is also overlapping and stodgy to say the least (out of what I thought was a 4th wave triangle yesterday) it is possible that we are in an expanded flat retracement for the 4th wave where the 'b' leg makes a marginal new low but then pops up with what looks like a trend reversal, only to reverse again down in a 5th. A possible confirmation of this is the MACD on this 60min chart which has yet to reach the zeroline, which is usually where the 4th wave ends, prior to a new price low with positive divergence on the MACD. Alternatively. we are in an expanding diagonal as a 5th wave, which would also see a jump up in due course. So, still looking for a pop up with the purple 16 line in the sky as the target in the 1.2835-45 area, at R1. It is possible that My-Wave will not roll over with this move, but get punctured and stay in tact, leaving potential for a deep retracement at the least. The My-Wave rolling range is very tight now, after this sideways action, so expect something punchy! As always, got to stay focused to the possibilities. Might be a fun day this if price could get above the daily pivot!