Monthly
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EUR/USD
The long term Count shows that we are in a major long term uptrend, where wave C was equal in length to wave A. Since the top of wave C at 1.6038 in mid-2008 we have been a major correction, which I expect ultimately will test the channel support-line, but could take years before we get there and we could be moving more or less sideways for a very long time.
If we zoom in on the correction from 1.6038 we most likely saw wave A at 1.2331 and is currently in a huge running triangle, where we are in the final e-wave, which seems to have much more upside to cover. That said, to confirm this I would like to see a break above the former top at 1.3711, which would call for a rally higher towards at least 1.3833 and possibly also 1.4090, whit the potential to make it all the way to the inverted S/H/S target at 1.4900.
Short term we will ideally see the neckline of the inverted S/H/S protect the downside for the continuation higher towards 1.3711 and higher towards 1.3833.
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ReplyDeleteThe monthly chart itself is incorrect. The 1995 high (the extreme of wave x on this chart) is higher than all the previous ones. I've checked it on 3 different trading platforms
ReplyDeleteAlthough maybe it depends on counting methods prior to the actual launch of this currency in 1999
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