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)
click to enlargeIt 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.