EUR/USD - Wave (iv) has become pretty complex

Looking at the longer term picture we are still in wave (iv) of iii down. Wave (iv) has become more complex (not uncommon for wave four's) than first anticipated. It's pretty diffuclute to see whats going on in wave (iv) on the daily chart, therefore the chart below shows the hourly chart.

As can be seen below the best count at this point is, that some kind of tilted triangle is bulding. It seems that we still need a little more action to the upside to finish wave e of (iv). Wave e should ideally finish near 124.20. Only demand is that it doesn't break above the top of wave c at 124.52.

When wave (iv) is done we should see a thrust out of the triangle in wave (v) ending wave iii down.


The picture of a wave iv triangle is the same for the USD-Index (the EUR accunts for 59% of the index). The triangle seen in the USD-Index is nicer than the one in EUR/USD. Again we should see a little more downside pressure to finish wave e of iv, but we can't break below the bottom of wave c at 85.85.

When the triangle is done we should see a strong thrust to the upside in wave v.