Tuesday, February 2, 2010

Euro Elliott Update

 
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The structure down had -5- finish as .618 of -1- thru -3- . So far the corrective bounce is choppy and pathetic, It looks like it will struggle to get above the .236 retrace (also the 1.40 psychological round number support/ now resist.)
In the larger context this is all part of a long term C wave down which is very likely to achieve AT LEAST 1.28 and probably 1.14. See Where Is the Euro   from Nov.26 2009. (Or any of the other Euro posts)
 
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It is not uncommon for a 3 wave to be a Fib multiple of the 1st wave, so 1.618 targets 1.2919. The 50% retrace of the whole B wave up is at 1.3740. Taking that out would be characteristic of a 3 of  (3) wave.

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