Friday, August 14, 2009

Euro Update



This is a pretty choppy picture of the last few days. The preceding move down from the 1.4450 high was more clearly a 5 wave count. A 5 wave count does not a correction make, strongly suggesting at least another wave down. The choppy move up IS characteristic of a correction. On the downside taking out the 1.42 level ought to get things started but really it needs an overlap of the low at 1.4086. And once it manages that can there be any doubt about a test of 1.407, longer term support.
Pls see Euro Count Complete.

There is a lot of fundamental news coming out of Europe this morning posted on Zero Hedge. Looks like you're going to have a second chance to pick up a cottage in Ireland on the cheap.

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