Monday, November 1, 2010

Euro Update

click to enlarge
Note the negative RSI divergence and how that has been an effective method over the last month for identifying turns.

So far this is moving down in abc's, a characteristic of corrections, however, the entire move off the lows of 1.1880 is so far an abc with c =110% of a. It is possible to see a move to retest the lows struictured in abc's.
In any event  even a modest retrace of  the last c up of .382 targets 1.3562



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