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Sunday, May 8, 2011

EUR/USD - Close to a bottom

The price-action since the 149.39 does look impulsive, but I suspect it's a c-wave, which should soon be over. Yes we could see a little more downside action towards 141.55 area, but that should be it, setting the stage for the next move higher towards 152.73.
I have made some adjustment to my count, but overall I'm still see the bullish count outweigh the bearish alternatives.

On the hourly chart below there is a couple of different counts, but I have chosen the nine-count, as I have difficulties saying which wave extended





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