The decline Friday was more powerful than I anticipated, but wave i of 5 should soon be in place.I will keep my preferred impulsive decline count, but looking at wave 1-2-3 and 4 it's not the prettiest picture I have ever seen.
Zooming in, looking at the hourly count, we can count a five wave decline since 134.33, which should limit the downside or keep it very bumpy til we reach the bottom, but it should be soon. A break above Fridays high at 130.19 will confirm the bottom for a correction higher towards the 131.67 - 132.31 area.
Thanks for the timely article.
ReplyDeleteI appreciate your chart articles. My count may be different from yours. But here are my thoughts: The most important event economic history occurred on November 4, 2010 as an Evening Star candlestick appeared in the chart of the Euro, FXE, with a price of 141.50, as currency traders called the Euro lower on November 5, in response to Mrs Merkel’s call for a sovereign default mechanism and for bondholders to take a haircut. It was at this time that the Euro, FXE, entered an Elliott Wave 3 Decline. Then the Euro entered into an an Elliott Wave 3 of 3 Decline at 133.30 on December 14, 2010 as European Leaders went from Summit having failed to come to a comprehensive to the European Sovereign Debt and Bank Debt crisis. It was as John Mauldin relates in Safehaven.com article, they were simply kicking the can down the road. The Elliott Wave 3 Declines are the most sweeping and powerful of all waves they build wealth on the way up and destroy wealth on the way down. The world has entered a stage when for all practical purposes wealth as we currently know it will literally be wiped out.
My count is different from yours. Look http://elliottcafe.pl/?p=474
ReplyDeleteHi "The yen guy" & "FFX Adviser"
ReplyDeleteThank you for you comments. You might well be rigth in your counts. You wave 3 of 3 count might very well be valid. If we don't get any decent correction you count will most certainly gain credence.
Thx
EWS