Nothings easy about this last part of the rally. The shape of red wave iv became an expanded flat and not a triangle, but as long as 144.10 isn't broken to the downside we should see one last rally higher towards the ideal 145.55 - 145.70 target-area. A break below 144.10 would have the possible red wave iv overlap red wave i, which is not allowed and suggest that we have already seen a top at 145.20. Pinpointing the top has been a drag, but we should be there soon.
Wednesday, April 13, 2011
EUR/USD - One last rally pending
Nothings easy about this last part of the rally. The shape of red wave iv became an expanded flat and not a triangle, but as long as 144.10 isn't broken to the downside we should see one last rally higher towards the ideal 145.55 - 145.70 target-area. A break below 144.10 would have the possible red wave iv overlap red wave i, which is not allowed and suggest that we have already seen a top at 145.20. Pinpointing the top has been a drag, but we should be there soon.
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