Euro Bottoming or Beginning a Decline???

Discussion in 'Forex Trading' started by torosyososfx, May 8, 2005.

  1. Euro Bottoming or Beginning a Decline???

    The last week finished with a very strong decline, expected by our lastest countings. This fast leg down can be labeled by the both alternatives, the bullish (blue color in the chart) and the bearish (red colour in the chart) as follows. Both have the same confidence, and the break of the very important support given for the lower line of the triangle and the 1.2767 low, confirm one against the other. The Blue counting shows the wave 4 in progress as a symmetrical triangle, where the first three legs of the pattern are finished; this are ((a)) - ((b)) and ((c)), being the wave ((d)) in progress. Within this wave ((d)), the wave (a) finished with a top in 1.3124, that is being deeply corrected by the wave (b) bottoming in the support area of the lower line ((a)) - ((c)). The break of wave b confirm the end of wave c and the start of wave ((c)). The Red counting shows a double zig zag wave (A) that began in january of this year. The second zig zag Y is in progress, unfolding a wave ((c)). The first leg of this wave was finished at 1.2828 and pullback by (ii) at 1.2987; then the strong decline of the last friday was the first swing of a powerfull wave (iii) with a target under 1.25. The charts speak by themselves.