Translate

Tuesday, November 30, 2010

EUR/USD - Is wave 3 down extending ?

The count since the top of wave 2 has worked nicely, but I might have to change the micro count to the above, showing that an extension is in progress. The is no way of telling if this is the right count, but it seems very possible.

If the above count is correct I would expect one more decline below 129.80 before a minor correction higher towards 130.61 and possibly 131.36 - 131.49 below the next leg lower.

I still would like to stress you to be careful trading any of the corrections, as wave 3 normally is the most powerful of the impulsive waves and the corrections is often sub-standard.

No comments:

Post a Comment