Friday, March 19, 2010

Euro

From Wed. Mar. 17
Euro Correction Update"In other words there is no reason to see this move up, SO FAR, as anything other than a corrective bounce of,  possibly,  ONLY a subwave of the move down. It'll have to do a lot better to indicate otherwise. Like take out the .618 upside retrace at 1.45.( hello GS).

The lows at 1.34 are at the .618 retrace of the entire B wave structure up from 1.29 to 1.5140. That is not insignificant as support and possible pivot point. So taking that out and closing below it will put a hole in the Euro bull case."

It looks like the Euro is about to do just that. It's put in 3 days of significant declines., taking out the support trend line in place since the early Mar lows, and so far has retraced 74% of the preceding abc up.
At this point, the risk of a collapse through 1.34  (the .618 retrace support of the B wave up), is high and downside targets a long way off.

  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."
Any bounces should be exploited.

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