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Tuesday, April 19, 2011

EUR/USD - More downside to come...

The micro count (a bit difficulte to see on the above chart) shows that we are in a wave (iv) in purpel wave iii down. I expects wave i black down to end just below 140.05.

What can't be seen on the above chart is, that the MACD indicator is showing negative divergence on at the last part up from 141.55. We also saw a throwover at the small resistanceline all suggesting that wave (iv) is over or close to. A break below 142.62 will confirm the top for the next leg lower in purpel wave iii.

Sorry for the complex count, but the micro waves can be very hard to count an keep a good track on.

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