Wednesday, May 19, 2010

Euro Heads Up

From April 22 post
Euro Targets Update
"The Euro bottomed in 2000 at .8229 following its debut. It then rallied for 8 years into the 1.6038 high.
The .382 retrace of that is at 1.3030. The 50%  retrace is at 1.2138, and the .618 is at 1.12.

My guess is that THIS ABC stucture down will carry to at LEAST the 50% (or 1.21). I don't see any reason for the ABC structure to be unusually quick or shallow. And even if you were thinking that the .82 to 1.60 move was structured in 5 waves, what would  be the 4th of lesser degree was at 1.16 : a likely target for a pullback. "
 
This support area needs to be watched carefully. Additionally c=.85 of A around 1.22 and of course the C=A at 1.14.
In other words the bulk of the Euro move is behind it.

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