Tuesday, October 12, 2010

FX Wave Counts

This is a potential count in which the the c =.76 of a, and within c, the -c- = .77 of -a-. So looking for a potential completion of B nearby.

The Euro may well be in a slightly different inverse count but at the moment appears to have potential for intermediate term weakness.
Dec Daily 
 click to enlarge
Note the neg. RSI divergence and near c=a relationship (actually c=.92 of a) .
The interesting thing of course is the consistent climb up the trendlines, and the subsequent decline upon being
broken evidenced in the prior leg. Wonder if that will be repeated?
Shorter term the move off the highs looks a little overdone and a retest of that trendline as well as the tops would be completely expected.
The initial structure down from the nominal high is problematic as it cannot be seen as anything but an abc , so today's low is either a -1- following a failure or the -c- of a correction. The bounce will help tell and so could well be high even if merely a corrective -2- wave.

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