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Tuesday, November 9, 2010

EUR/USD - Wave 3 down has already begun

The quick decline below 138.22 has forced a small new recount. It hasn't changed the bigger picture, which calls for a continuation down to 135.31.



As the rally from 138.22 was clearly impulsive (5 wave), the only possibility is that it was wave C of some kind of flat correction. In this case an Expanding Flat.



We are now in wave 3 down and the point of recognition will soon be seen and the decline from 142.82 accelerate to the downside.



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