Monday, March 1, 2010

Euro


 
click to enlarge
Another abc up on the euro, with c=a (pretty much). Taking out this mornings low, a .76 retrace of the c, will strengthen the case for fresh lows. 
There is serious long term retrace support  at 1.34  as .618 of the B wave up from 1.23 to 1.5140.
It IS possible to interpret the move off that 1.51 high as being a series of 1.2's of ever decreasing degree.
So what this thing does at 1.34 will be really critical,  as the potential for an unfolding  series of  3 waves on a move through the 1.34 is certainly present. That would be characteristic of the "'moment of recognition" often associated with a 3.

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