Since the beginning of this year each three waves movement in the euro daleyed aprox one month, that means, one month down in three, one month up in three, one month down in three, and now, if this pattern is labeled correctly as a triangle, will make one month up as wave ((d)) within a symmetrical triangle wave 4. This wave ((d)) is now in progress, in the chart is the blue alternative, where the first wave (a) topping in 1.3124, being corrected the past week by (b), adding a total of seven waves down, inside a downtrend channel, bottoming in Friday at the 0.764 of (a) or 1.2852. The break of the wave b top at 1.2978, advice us about a possible reversal in the trend and that wave (c) is in progress. The bearish counting show the first wave (i) within ((c)), of the large double zig zag Y inside (W), with a target in the lower line of the descending channel.
Since the bottom of 1.2828, three legs was developed as .i.-.ii.-.iii., waiting for a more leg up with a resistance in 1.3014, or as a-b-c wave (ii). One more leg up confirm the up trend within the wave (c) of the triangle. All the alternatives are showing in the charts in the webpage.
If you were long $ around 1.35, you would have been a happy man, instead of wasting your time and energy w/this EW crap. You should give it up on EW, it ain't working...
One of the head f/x traders from GS once mentioned in an interview that she traded primarily on elliot waves. I forgot her name, but she was of chinese origin (Theresa Lo?)
I would even consider trading based upon astrological signals, if I knew it was a fashion and there was a 'generally' accepted set of rules like the dow theory. But I would never ever consider trading on technical indicators alone again