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Friday, February 7, 2014

EUR/USD - The correction is likely over and a new decline is likely soon.

EUR/USD

I have been reviewing my last count from yesterday, where I had the low at 1.3483 as a Fifth wave failure, but after reviewing this count I don't think this is the best count. Therefore the above count is my preferred count. This count shows that wave i ended at the low at 1.3477 and from this low we have seen a a-b-c rally higher as wave ii and we have likely seen the top of wave ii at 1.3619 or will see a top slightly higher at 1.3639 for the next powerful decline in wave iii towards 1.3185.

Only a break above resistance at 1.3739 will invalidate this count.

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