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Monday, April 7, 2014

Elliott wave analysis of EUR/USD - Short term count

EUR/USD

The decline from 1.3967 does not look impulsive and therefore I will keep the above count as my preferred count. This count sees the rally of 1.3643 to 1.3967 as minor wave i and the current decline as minor wave ii and I will be expecting a powerful rally in minor wave iii higher towards 1.4196 soon.
However, if important short term support at 1.3643 is broken the alternate count that has wave E ending at 1.3967 takes over.

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