Odds favor that a top has been put in on 8/5/2009 with the test of 144.46. We can see a clear five wave rally from 124.55 to 144.46. Wave "v" is in no way pretty, but we now have a textbook 5 wave rally, therefor I now look for a break below 140.05 to confirmation the top, calling for a quick move down to 138.30. Longer term I do look for continuation all the way down to the 123.30 - 124.50 area again.Sunday, August 9, 2009
EUR/USD has topped
Odds favor that a top has been put in on 8/5/2009 with the test of 144.46. We can see a clear five wave rally from 124.55 to 144.46. Wave "v" is in no way pretty, but we now have a textbook 5 wave rally, therefor I now look for a break below 140.05 to confirmation the top, calling for a quick move down to 138.30. Longer term I do look for continuation all the way down to the 123.30 - 124.50 area again.
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