We have now seen a close, on the daily basis, below the important support and neckline near 1.2800 and that calls for a much deeper decline in EUR/USD over the coming weeks and months. The S/H/S target is near 1.1800 and the first extension target (1.618 time wave 1) for wave 3 is at 1.1858.
Looking at the larger Picture we also have the low of the triangle D-wave at 1.1890 and the low of the triangle B-wave at 1.1840, so we should expect the 1.1840 - 1.1890 area to be a hard nut to crack.
Any reason why the head would not end an X wave and we would be in a W wave from 1.37 to around 1.24?
ReplyDeleteHi Therapeter,
ReplyDeleteI can't say, that it's not an X wave, but I would not regard this option as the most likely.
Our job is pick the count, which we think is the most likely and then know when we are wrong. If we are proven wrong we will go to the count, that then seems to be the most likely count.
I think that the count I have precented is the most likely and therefore my preferred count.
But a break above 1.3103 will prove, that my count is wrong and I will have to go to next count.
That said I don't think you will see a move beyond 1.2898 before the next decline sets in.
Kind regards
EWS
Hi EWS,
ReplyDeletehow would yesterdays spike change your EW count?
thx,
HaiGo
No changes for now I bet. The pullback was imminent. We'll have to see the following days which way it goes : if it continues up considerably again, there will be changes I think. If not, the way down will surely continue.
ReplyDelete