Wednesday, February 17, 2010

Euro Elliott Count


 
click to enlarge.
At the moment the short term is the most important count; The c=a , and the very shallow .0307 pt b wave, are strong indicators that the Euro has been consolidating NOT reversing. And it's a weak looking downward sloping consolidation. It does NOT look like the precursor to a wedge. There is a HIGH risk of at least one more leg down. And prob more.
If the intermediate term Elliott count of the above consolidation turns out to be (2) it will have taken quite a lot
of time relative to the (1). Just like the -2- and the 2. Whew. Because the time relationships are unusual the   intermediate term labeling is open at the moment.
Most important is the Long Term count, the Euro is in a C wave down from the B highs of 1.5140, and that has a long way to go. 

 
                  click to sharpen

See  
Where Is the Euro       published Nov.26 2009
"A failure by the Euro from here projects to a minimum 1.2856 as C=.618 f A. And of course the C=A at 1.1435."

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