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Friday, November 5, 2010

EUR/USD - A slight change in my count

After having reviewed the micro count I have made a slight change. Where I before had wave v and 1 I now have wave iii, which means that we are about to end wave v and 1 down from 142.81
We need one more minor new low just below 140.23 to end wave 1 down before starting the wave 2 correction. As this is wave 2 we should expect, that it will do its best to take back as much as possible of wave 1. Therefore we shouldn't be surprised to see it move as high as 141.77, but it will meet strong resistance in the 141.20 - 141.25 area.

A close up of the micro count can be seen below.




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