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Sunday, July 18, 2010

E-minis


The Euro was basically the flipside of the dollar chart. An extended fifth wave with a *possible* ED at the end (or a triangle).  Don't matter, it all counts nice as an impulse move.

We suppose its in a wave (2) retracing a Fibonacci back up. The dollar has been shown to have already traced some http://4.bp.blogspot.com/_TwUS3GyHKsQ/TEDOdmujsBI/AAAAAAAAGZ4/dreK_krSRDo/s1600/usd.png 40%+ back down.

But the euro hasn't even hit its 38.2% Fib. And like wave (1) in reverse, instead of a double ZZ as I suggested a week or so back, I am now rather thinking instead the "C" wave just gets extended much as a fifth wave of an impulse. There is a difference in a double ZZ pattern and an extension of a wave.

C = 1.618 x A @ 1.3107 which owuld be very close to the 38.2% Fib.  C = 2.618 x A = 1.3698
[As an aside -  I am willing to be a tad more patient and stick with a more solid wave (2) retrace pattern for the Euro and even the dollar. Retracing less than 38.2% as a wave (2) and also the "time" factor which is vastly skewed just seems to be rushed is all I am saying. When I see an impulse again up on the dollar - and an impulse down on the Euro - then we can maybe call it.]
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