EUR/USD: A-B-C Zigzag Nearing the Top — Preparing for the ReversEUR/USDOANDA:EURUSDTrwinEURUSD EURUSD Macro View: The A-B-C Correction The overarching thesis of this chart is a large-scale A-B-C zigzag correction. Wave A (Bearish): The initial aggressive sell-off from the 1.208 level down to the 1.141 level is marked as a completed major Wave A. Wave B (Bullish Correction): The market is currently grinding upward in a complex Wave B correction. This wave is designed to retrace a significant portion of the Wave A drop before the broader downtrend resumes. Wave C (Bearish Projection): The large black arrow indicates the anticipated major Wave C. Once Wave B tops out, the expectation is a massive bearish continuation that will likely break the previous 1.141 low, potentially targeting the strong green support zone near 1.107. Micro View: The Anatomy of Wave B Zooming in on the current price action, the chart maps out the sub-waves of the ongoing Wave B using a smaller Ⓐ-Ⓑ-Ⓒ structure. We are currently in the final Wave Ⓒ leg, which is unfolding as a 5-wave impulse (①-②-③-④-⑤): Wave ③ Completion: Price is currently battling significant resistance at the 61.8% Fibonacci retracement level (1.18264). The chart suggests that intermediate Wave ③ is either complete or very close to completing at this zone. The Wave ④ Pullback: The dotted projection line anticipates a short-term bearish pullback for Wave ④. Based on the drawn Fib levels, logical support targets for this dip would be the 38.2% (1.17022) or the 50.0% (1.16646) retracement levels. The Final Wave ⑤ Push: After the Wave ④ pullback, the chart projects one last bullish thrust (Wave ⑤) to finish the entire macro Wave B. The target for this peak appears to be aligned with the 78.6% Fibonacci retracement at 1.19393. Key Levels to Watch Immediate Resistance: 1.18264 (61.8% Fib) Short-term Support Targets (Wave ④): 1.17022 (38.2% Fib) and 1.16646 (50% Fib) Ultimate Bullish Target / Invalidation Level: 1.19393 (78.6% Fib). If price breaks aggressively above this and the 1.208 high, the bearish A-B-C thesis would be invalidated.