So first things first. Just gona go over a few basics of elliot wave.
You have two main types of waves:
The impulsive wave is the biggest move, also knows as the 'trend'. Just think that price is moving on 'impulse'.
Then corrective waves, you know when you get in with the trend then this b*tch of a move takes out your stop. Thats a corrective. It happens basically because as prices move higher or lower with the impulsive wave, it looses 'power' untill it exhausts the move. Then price 'corrects' itself untill a fresh supply of power kicks in again to continue the impulsive move (or the trend).
Eventually the power will run out completely then there will be some side-ways movement and a new trend will take place. It doesnt neccessarily reverse direction, it can continue on its previous path, such as the EURGBP.
So now we understand that that impulsive wave is the one we want to be on. An impulsive wave will typically move in 5 'stages'. These are knows as wave 1, wave 2, wave 3 ,4 and 5.
Here is a picture of what I mean: