Euro Down to Test 1.2460 Support???

Discussion in 'Forex Trading' started by torosyososfx, May 22, 2005.

  1. Euro Down to Test 1.2460 Support???

    Three, Three and Three, is the same to say double three, labeled with the letters w-x-y. This pattern is the same for both alternatives, the wave 4 and the wave (W), but when do we know if is a wave 4 or (W)?, to expect or not a new high?. One of the rules is that wave 4 do not finish within the price territory of wave 1, that means, if this decline started on january finish below the support line 1.2460, the top of wave 1, the correct counting is the alternative of (W) and we have to expect new lows for this year. The Blue alternative shows a wave 4 in progress, developing a wave v within a wave (c) within a wave ((y)) of a double zig zag 4, with a target above the support line of 1.2460. The Red alernative shows a wave (v) within a wave ((c)) within a wave Y of a double zig zag (W) with a target below the 1.2460 support line. Pay attention to the alternative in the intraday chart.