Sunday, July 18, 2010
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
Posted by Daneric at 10:07 PM