EURUSD 1 HR Elliott Wave Count
The 1.11861 has given way so this is a good indication that this leg up is complete and the X wave is underway. There is always the possibility that we see this turn into a complex WXY rather than this (a)-(b)-(c). If it is the complex WXY (in Blue) then there would still be one more high after the correction to complete the larger degree W (in Black).
If I were going to play the X wave lower I would wait for the correction of this recent move down then a break of these lows as I am showing in the top right corner of the chart. I think this gives you better R/R and you are at least starting the Lower Low and Lower High Sequence.
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| EURUSD 1 HR Elliott Wave Count |