Elliott Wave Impulse Nears End of 4th Wave

The Elliott Wave model we have been following is that EURUSD is incomplete to the upside. In our September 4 report, we forecasted a "shallow correction back to the 1.16 handle."

Now that prices have reached that level, it confirms the fourth wave is progressing as anticipated. We still are not sure of the shape, depth, and structure as we have 2 options listed above...1) a triangle, and 2) flat pattern.

Under both scenarios, prices retest the highs and may work itself higher towards 1.22. A triangle will take longer to do so.