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Thursday, April 21, 2011

EUR/USD - Is the top finally in place?



Zoomed in on the final part of the rally:


Are we finally there? Is the top finally in place?



If my diagonal is valid then we should just have seen the top with the test of 146,49. The maximum wave [D] was allowed to rally to was 146.95 in which case wave [D] would still be shorter than wave [B].


If we have to consider the top in place, the minimum requirement is a break below 144.82. Even better would be a break below 143.40, but ultimately we would need a break below 141.50 to finally confirm the top.


A clear break above 146.95 would negate my diagonal count and suggest that an A-B-C unfolded and ended at 118.75 and a rally to new highs is under way



1 comment:

  1. Check out my counts on my blog.
    http://elliottwavesforex.blogspot.com/

    ReplyDelete