http://marketsanalysis.net/?p=1549 We were expecting the end of the current correction, but it seems that we were too early. The prospected up-breakout, which was our main reason to tell that a correction has run its course, over a declining resistance line of a falling wedge decline proved to be just a whipsaw. Actually, the Euro failed to close decisively over this line, and instead of signaling a beginning of a new up-leg, it formed a âpossibleâ (because we donât know yet the weekly close price) bearish candle pattern. Briefly, the trigger signal didnât materialized yet. But come on, the pair still lies over a broken major declining white line, the shape of the current corrections indicates that the odds still in the favors of âjust a pullback move in the bull marketâ, the moving average (50 and 200-week EMAs) still taking a bullish shape, the RSI still hovering over its Bull Support Level and the pair still being surrounded by two parallel rising lines (see yellow lines). In brief, long-term bull traders should regard this correction as a serious manifestation against their position âonlyâ after a decisive down-breakout below the rising lower yellow line. And only a decisive up-breakout over the âpossibleâ wedge pattern would signals a beginning of a new up-leg to the opposite side of the rising channel. Ramy Rashad, CMT