My prefered count is, that we are in wave 5 down from 142.81. The decline from 134.33 is wave i of five and odds favors, that it ended at 129.58 in early European trading. We should now see a correction back towards the 131.40 - 131.96 area, but can't exclude a correction higher towards 132.52, before wave iii of 5 down sets in. A break above 130.20 confirms that wave i is over and wave ii underway.Friday, January 7, 2011
EUR/USD - Wave 1 of 5 is most likely done
My prefered count is, that we are in wave 5 down from 142.81. The decline from 134.33 is wave i of five and odds favors, that it ended at 129.58 in early European trading. We should now see a correction back towards the 131.40 - 131.96 area, but can't exclude a correction higher towards 132.52, before wave iii of 5 down sets in. A break above 130.20 confirms that wave i is over and wave ii underway.
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