If my bullish count is still alive, we saw minor red wave (i) as an Expanding Leading Diagonal and we are now in the later parts of minor red wave (ii), which should be followed by red wave (iii) towards 147.20. To keep the bullish count well and alive support at 143.50 should protect the downside, but under no circumstances can a break below 142.99 be alowed. If a break below 142.99 is seen it will leave us with a Shoulder/Head/Shoulder top with a target near 138.99 and more importantly that the rally to 146.93 was wave C of an Expanding Flat correction.
Wednesday, June 15, 2011
EUR/USD - Time for minor wave (iii) up?
If my bullish count is still alive, we saw minor red wave (i) as an Expanding Leading Diagonal and we are now in the later parts of minor red wave (ii), which should be followed by red wave (iii) towards 147.20. To keep the bullish count well and alive support at 143.50 should protect the downside, but under no circumstances can a break below 142.99 be alowed. If a break below 142.99 is seen it will leave us with a Shoulder/Head/Shoulder top with a target near 138.99 and more importantly that the rally to 146.93 was wave C of an Expanding Flat correction.
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Euro presently at 1.4269 at 7:45 EST. Looks like bullish count invalidated. 1.38xx here we come?
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