Wednesday, May 26, 2010

Euro Wave Count

The most likely Elliott count, following on from
Euro Elliott Update
as previously posted, May 13.
click to enlarge
So it may be that another abc up is required to get (IV), and it should be more significant in time.
But there is something about the legs labeled 4 and c that looks related, and the 5 took some work to count out as an impulse wave.
It may be that we are seeing the beginning of a rounding bottom with a diagonal 5th , or some other count even more bearish. 
Like:

The c = .93 of a, in the above, and the b = 1.6 of the a leg.
 Do you think the Euro can go to parity ie, C=1.382 of A at 1.00, or even C= 1.618 of A at .915 ?
Why not.





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