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Tuesday, November 23, 2010

EUR/USD - Next leg lower has begun

The break below 134.58 has forced me to adopt the Expanding Flat correction as wave 2 again. But getting the rigth focus lets look at the daily chart. The break below favors that wave 2 ended at 137.86 making the C wave of the expanding flat correction shorter than it would normally be.

If the above count is correct we should now be in wave 3 down, which sould at least take us down to 130.77, but an extention would be more likely.

Focus should again be to the downside and correction used to sell EUR.


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