Wednesday, January 20, 2010

Euro Short Term

There has been all kinds of fundamental discussion on the "news" that is driving the Euro this morning .  The news is the Euro is in a long term C wave down...that's the driver...not whether one party or another won an election. It could just as well  have been a different "news" event; the fed , trade, earnings, ECB action.
It is however always interesting to see what is being fitted to the wave development.


click to enlarge
Shorter term the mornings plunge is looking like it may have a little 5 wave count down from 1.44 complete or nearly, and a short term bounce/ consolidation could be expected here. A Fib retrace .236 also the 4th of lesser degree would be close to retesting the 1.4258 break down point.
Any bounce should be aggressively exploited. This is early days in the C wave down.

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