Wednesday, October 12, 2016

Elliott wave analysis of EUR/USD - Triangle support-line broken

EUR/USD - Daily 

EUR/USD - Daily 

EUR/USD - Triangle support-line broken

Yesterday we saw a break below the triangle support-line at 1.1104. This break indicates that the downside thrust out of the triangle has begun for a decline towards at least 0.9850 and more likely closer to 0.9666 and possibly even closer to 0.8613 if wave (v) lower extends. 

From a classic point of view a 10 months S/H/S top has building and a break below the neckline support near 1.1040 will activate the top-formation for a decline to 1.0276. 

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