Thursday, May 13, 2010

Euro Elliott Update

The Euro has taken out the minimal target zone of 1.30/1.2850, and failed to rally back above the 1.31 point.
See the last update posted May 5, Euro Update
 " So as we are approach the lower end of that zone it requires careful watching. Longer term I don't think it holds, but there is plenty of potential for a serious bounce. There is also plenty of potential for an extension of the 5th wave, common in major extreme moves...."
 The Euro is now in an expanding 5th wave.
 click to sharpen

June
 
click to enlarge
The labeling above depicts an expansion of the 5th wave of larger degree, and within that we are still in the (III)  wave.  Bottom line lower lows to complete the (III), and then the 5th of C.
Long Term targets are  1.2322 as the C=.76 of the A , and 1.14 as the C=A.


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