EURUSD has broken the rising channel last Friday (see below). From elliott wave analysis the current sideway is more like a flat correction. The wave 2 is a clear zigzag correction. They fit the alternative rule very well.
If EURUSD is on the wave 5, the first target is the bottom of the sideway zone. Break out of the flat zone will confirm more of the decline.
Good luck for everyone!
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Pay attention to the correction triangle it formed last week.