With the break above 127.47 we knew that wave ii would become a more complex correction. We are currently testing the first serious resistance at 128.35. As long as 127.70 isn't broken to the downside we could see a continuation higher towards 128.63 before wave ii is finally over.When wave ii is over either from 128.63 or upon a break below 127.70 we should see a powerful decline in wave iii.
Hi,
ReplyDeleteI like reading your analysis. They are very good.
I have a similar count on Euro/USD, but the possibility of wave 2 turning in to an even more complex correction (w-x-y) makes it really difficult to iniatiate any strategic short position without risking huge capital (by way of wide stops)...!
Kindly refer to the w-x-y alternate count here:
http://ewforecasting.blogspot.com/2010/09/eurusd-hourly-revised-count.html