click to enlarge
Unless the Euro is capable of new ALL TIME highs it has to run out of steam prior to that, and the .618 retrace is a good candidate for that. If it heads back down from here it should produce another a-b-c for a double zig zag.
The X wave up is a structured as a double zig zag.
Active Mo. Daily
click to enlarge
As are the sub waves a,b,c, and so far a case can be made that the final c wave is also a double zig zag.. with internal Fib relationships.
Note the negative divergence on the RSI.
Here you can see the Fibonacci relationships between the sub waves.

On the downside if you are a bull, you really don't want to see anything under 1.43, esp an overlap of that first "a" wave up off the low. That invalidates a 1,2,3 interpretation.
The bears don't want a new high over 145, esp a settle over 1.46.
SO back to that big double zig zag down; another ABC equal to the first, ultimately targets 1.0375 from here.


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